2024-03-28T20:13:13Z
https://nagoya.repo.nii.ac.jp/oai
oai:nagoya.repo.nii.ac.jp:00006928
2023-11-13T02:17:38Z
659:853:854:855
厚生最大化の観点からみたわが国の公共投資と政府消費の配分のあり方について -1980~90年代の地域データを用いたオイラー方程式による実証分析 -
Public Investment and Government Consumption for Welfare Maximization : An Euler Equation Approach Using Japanese 10-area Data
近藤, 智
KONDO, Satoshi
open access
The share of government consumption to GDP in Japan was much lower that that in the other developed countries till the late 1990s while that of public investment in Japan was incredibly high. We focus on the facts. First, we consider the model that includes both public investment and government consumption. Then we point out that the government tends to over-value public capital if she under-appreciates people’s preference for government consumption and, as a result, welfare maximization may not be realized even though the government acts dynamically “optimal”. Second, we estimate an Euler equation based on the model above, using Japanese 10-area data from 1980 to 1998 fiscal year. The results show the possibility that not only was marginal productivity of public capital less than that of private capital but also people’s preference for government consumption was under-appreciated. We conclude that Japanese government likely under-appreciated government consumption till at least the late 1990s while she attached relatively high importance to growth in economy and invested more than the optimal level. In the results, welfare maximization was not possibly achieved.
名古屋大学大学院経済学研究科
2007-06-30
jpn
departmental bulletin paper
VoR
https://doi.org/10.18999/ecos.55.1.9
http://hdl.handle.net/2237/8597
https://nagoya.repo.nii.ac.jp/records/6928
10.18999/ecos.55.1.9
0022-9725
経済科学
55
1
9
26
https://nagoya.repo.nii.ac.jp/record/6928/files/kondo.pdf
application/pdf
1.7 MB
2018-02-19