著者

村田 治 後藤 達也

出版者

生活経済学会

雑誌

生活経済学研究 (ISSN:13417347)

巻号頁・発行日

vol.19, pp.235-243, 2004-03-30 (Released:2016-11-30)

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The purpose of this paper is to show whether the Debt Neutrality Proposition stand up or not in Japan. First of all, we survey the literature on the empirical studies of Debt Neutrality Proposition on Japan, and classify the literature into four categories. The first is concerned with macro consumption function (Consumption Function approach). The second category of the literature is about the demand function for wealth (Wealth demand Function approach). The third is the literature which focuses on the consumption function, that is based on the Euler equation which Aschauer has derived (Euler Function approach). The fourth is concerned with the consumption function which is based on Blanchard and Weil model (Blanchard and Weil approach). We investigate the literature carefully, and adopt the Consumption Function approach and the Wealth demand Function approach. Especially, from the standard IS-LM model, we derived the condition for which the Debt Neutrality Proposition does stand up. Main results of the estimates are as follows. The Debt Neutrality Proposition does not come into existence in Japan until 1990. However, in recent years after 1990, the Debt Neutrality Proposition does stand up.