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The Effect of Government Purchases on Economic Growth in Japan

  • Federico Guerrero

    ()

    (Department of Economics, University of Nevada, Reno)

  • Elliott Parker

    ()

    (Department of Economics, University of Nevada, Reno)

We consider whether there is statistical evidence for a causal relationship between government expenditures and real GDP growth in postwar Japan. After studying the time-series properties of these variables, we find that government consumption and government investment both have a positive and causal effect on growth. This suggests that fiscal policy may not have been as ineffective during the last two decades of Japan’s stagnant growth as some have suggested, but may have helped to prevent an even more severe balance-sheet recession after the collapse of the Japanese bubble economy.

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File URL: http://www.coba.unr.edu/econ/wp/papers/UNRECONWP10004.pdf
File Function: First version, 2010
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Paper provided by University of Nevada, Reno, Department of Economics & University of Nevada, Reno , Department of Resource Economics in its series Working Papers with number 10-004.

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Length: 35 pages
Date of creation: Jun 2010
Date of revision:
Handle: RePEc:unr:wpaper:10-004
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  1. Cheung, Yin-Wong & Chinn, Menzie David, 1996. "Deterministic, Stochastic, and Segmented Trends in Aggregate Output: A Cross-Country Analysis," Oxford Economic Papers, Oxford University Press, vol. 48(1), pages 134-62, January.
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