Decomposing Local Fiscal Multipliers : Evidence from Japan

Kameda, Taisuke; Namba, Ryoichi; Tsuruga, Takayuki

Decomposing Local Fiscal Multipliers : Evidence from Japan

Kameda, Taisuke; Namba, Ryoichi; Tsuruga, Takayuki

Institute of Social and Economic Research Discussion Papers, 2019, 1065, 1-39

アクセス数:405件（2025-07-03 18:05 集計）

固定URL: https://hdl.handle.net/11094/73366

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タイトル	Decomposing Local Fiscal Multipliers : Evidence from Japan
著者	著者名 Kameda, Taisuke
	著者名 Namba, Ryoichi
	NRID 1000040511720 1000040511720 ORCID 0000-0002-8177-2330 0000-0002-8177-2330 researchmap permalink 7000008934 7000008934 Scopus Author ID 16424964300 16424964300 著者名 Tsuruga, Takayuki
キーワード等	Fiscal stimulus
	spillover
	geographic cross-sectional fiscal multiplier
抄録	Recent studies on fiscal policy use cross-sectional data and estimate local fiscal multipliers along with spillovers. This paper estimates local fiscal multipliers with spillovers using Japanese prefectural data comparable with the national accounts. We estimate the local fiscal multiplier on output to be 1.7 at the regional level. The regional fiscal multiplier consists of the prefecture-specific components and a component common across prefectures within the same region, which we interpret as the region-wide effect. Converting the latter component into the spillover, we find that the spillover is positive and small in size. We decompose the regional fiscal multiplier on output into multipliers on expenditure components. The regional fiscal multiplier on absorption exceeds 2.0 because of the crowding-in effect on consumption and investment. Moreover, we find that the spillover to absorption is considerable in contrast to the spillover to output.
出版者	The Institute of Social and Economic Research, Osaka University
収録物名	Institute of Social and Economic Research Discussion Papers
巻(号)	1065
ページ	1-39
刊行年月	2019-10
言語	英語
ハンドルURL	https://hdl.handle.net/11094/73366
PISSN	0473453X
eISSN	24350982
関連情報 (references)	URI https://www.iser.osaka-u.ac.jp/static/resources/docs/dp/2019/DP1065.pdf
アクセス権	metadata only access
カテゴリ	ディスカッション／ワーキング・ペーパー DP/WP
カテゴリ	Institute of Social and Economic Research Discussion Papers

資源タイプ	テクニカルレポート
ローカル資源タイプ	ディスカッション／ワーキング・ペーパー
DCMI資源タイプ	text
DCTERMS.bibliographicCitation	Institute of Social and Economic Research Discussion Papers. 2019, 1065, p. 1-39
DC.title	Decomposing Local Fiscal Multipliers : Evidence from Japan
DC.creator	Kameda, Taisuke
	Namba, Ryoichi
	Tsuruga, Takayuki
DC.publisher	The Institute of Social and Economic Research, Osaka University
DC.language' scheme='DCTERMS.RFC1766	英語
DC.type' scheme='DCTERMS.DCMIType	text
DCTERMS.issued' scheme='DCTERMS.W3CDTF	2019-10
DC.relation' scheme='DCTERMS.URI	https://www.iser.osaka-u.ac.jp/static/resources/docs/dp/2019/DP1065.pdf
DC.subject	Fiscal stimulus
	spillover
	geographic cross-sectional fiscal multiplier
DCTERMS.abstract	Recent studies on fiscal policy use cross-sectional data and estimate local fiscal multipliers along with spillovers. This paper estimates local fiscal multipliers with spillovers using Japanese prefectural data comparable with the national accounts. We estimate the local fiscal multiplier on output to be 1.7 at the regional level. The regional fiscal multiplier consists of the prefecture-specific components and a component common across prefectures within the same region, which we interpret as the region-wide effect. Converting the latter component into the spillover, we find that the spillover is positive and small in size. We decompose the regional fiscal multiplier on output into multipliers on expenditure components. The regional fiscal multiplier on absorption exceeds 2.0 because of the crowding-in effect on consumption and investment. Moreover, we find that the spillover to absorption is considerable in contrast to the spillover to output.
DC.format	73366
citation_title	Decomposing Local Fiscal Multipliers : Evidence from Japan
citation_author	Kameda, Taisuke
	Namba, Ryoichi
	Tsuruga, Takayuki
citation_publisher	The Institute of Social and Economic Research, Osaka University
citation_language	英語
citation_date	2019-10
citation_journal_title	Institute of Social and Economic Research Discussion Papers
citation_volume	1065
citation_firstpage	1
citation_lastpage	39
citation_public_url	https://hdl.handle.net/11094/73366
citation_abstract_html_url	https://www.iser.osaka-u.ac.jp/static/resources/docs/dp/2019/DP1065.pdf

Decomposing Local Fiscal Multipliers : Evidence from Japan

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