Faculty Profiles - TAMAI, Toshiki

Papers - TAMAI, Toshiki

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Dynamic provision of public goods under uncertainty Reviewed International journal

Toshiki Tamai

Economic Modelling Vol. 68 page： 409 - 415 2018.1

Language：English Publishing type：Research paper (scientific journal) Publisher：Elsevier B.V.

This study investigates the private provision of public goods under uncertainty using a general dynamic equilibrium model with stochastic disturbances. In particular, the model incorporates income shocks governed by a Wiener process with a mean of zero and standard deviation of unity as uncertainty. We analyze how uncertainty and population size affect the supply of public goods. Dynamic analysis shows the importance of attitude toward risk and a contrast between short-run and long-run responses to increases in uncertainty and population size. Results show that under specified conditions, escalating uncertainty reduces the long-run contributions to public goods through the stochastic accumulation of capital but it raises short-run contributions. The average contribution increases to a positive finite value by increasing the population to a certain level, but it declines toward zero if the population size is infinite. These twin results are based on the dynamic behaviors of risk-averse individuals responding to elevated risks.

DOI： 10.1016/j.econmod.2017.08.008

Web of Science

Scopus

Public capital, deficit financing, and economic growth in a stochastic economy Reviewed International journal

Tamai Toshiki

Journal of Macroeconomics Vol. 42 page： 14 - 26 2014.12

The macroeconomic effects of fiscal policy in a stochastically growing economy Reviewed International journal

Tamai Toshiki

Economic Modelling Vol. 35 page： 464 - 471 2013.9

Can productive government spending be a source of equilibrium indeterminacy? Reviewed International journal

Akira Kamiguchi, Toshiki Tamai

Economic Modelling Vol. 28 ( 3 ) page： 1335 - 1340 2011.5

Inequality, unemployment, and endogenous growth in a political economy with a minimum wage Reviewed International journal

Tamai Toshiki

Journal of Economics Vol. 97 ( 3 ) page： 217 - 232 2009.7

PUBLIC CAPITAL, TAXATION AND ENDOGENOUS GROWTH IN A FINITE HORIZONS MODEL Reviewed International journal

Toshiki Tamai

METROECONOMICA Vol. 60 ( 1 ) page： 179 - 196 2009.2

Language：English Publishing type：Research paper (scientific journal) Publisher：WILEY-BLACKWELL PUBLISHING, INC

This paper presents development of an endogenously growing finite horizons model with public capital, and investigates macroeconomic effects of fiscal policy and a change in life expectancy. Specifically regarding novel results, a growth-maximizing income tax rate exists that is less than the elasticity of public capital to output. In addition, in the model with income tax financing, there might exist an inverted-U-shaped relationship between life expectancy and growth, which is consistent with some empirical evidence. In this paper, we elucidate the interaction among public capital accumulation, taxes, growth, welfare and life expectancy.

DOI： 10.1111/j.1467-999X.2008.00339.x

Web of Science

Variety of products, public capital, and endogenous growth Reviewed International journal

Toshiki Tamai

ECONOMIC MODELLING Vol. 26 ( 1 ) page： 251 - 255 2009.1

Language：English Publishing type：Research paper (scientific journal) Publisher：ELSEVIER SCIENCE BV

This paper develops an extension of the endogenous growth model with variety expansion presented in Romer [Romer, P.M., 1990. Endogenous technical change. Journal of Political Economy 98, part 2, S71-S102] by considering public capital accumulation. Characterizing the transitional dynamics, the growth rate of consumption traces (and available number of intermediate goods also might trace) ail S-shaped converging path to the equilibrium growth rate, similar to a logistic growth Curve, if the intensity of public capital is sufficiently high. We also show that public investment enhances economic growth because it stimulates demand for intermediate goods and raises the market interest rate. (C) 2008 Elsevier B.V. All rights reserved.

DOI： 10.1016/j.econmod.2008.07.003

Web of Science

Dynamic analysis on public investment policies in an endogenous growth model Reviewed

Tamai Toshiki

Studies in Applied Economics Vol. 3 page： 157-165 2009

Employment, fiscal policy, and oligopsonistic labour market Reviewed International journal

Tamai Toshiki

Australian Journal of Labour Economics Vol. 12 ( 3 ) page： 321-337 2009

Fiscal and Monetary Policy in an Endogenous Growth Model with Public Capital Reviewed International journal

Toshiki Tamai

FINANZARCHIV Vol. 64 ( 4 ) page： 403 - 421 2008.12

Language：English Publishing type：Research paper (scientific journal) Publisher：MOHR SIEBECK

This paper develops an endogenous growth model in which the government finances its public investment using both income taxation and seigniorage. Arguments presented in this paper show that public investment financed by seigniorage gradually pulls up the growth rate of consumption and overshoots the inflation rate. Furthermore, we show that public investment financed by an income tax brings about an overshooting of the inflation rate and a simultaneous undershooting of the growth rate of consumption. These dynamic effects influence welfare dynamics. Taking account of transitional effects, we derive the welfare effects of fiscal and monetary policy.

DOI： 10.1628/001522108X397606

Web of Science

A note on the dynamic analysis of fiscal competition Reviewed International journal

Tamai Toshiki

URBAN STUDIES Vol. 45 ( 3 ) page： 651 - 657 2008.3

Language：Japanese Publishing type：Research paper (scientific journal) Publisher：Urban Studies

This note presents an analysis of dynamic aspects of fiscal competition in a model with local capital accumulation. This shows that, even when a head tax is available, the optimal capital tax rate is generally non-zero. In addition, a decentralised equilibrium without a head tax might be characterised by overprovision of local public goods in a dynamic fiscal competition model. The source of inefficiency is overaccumulation of local capital. © 2008 Urban Studies Journal Limited.

DOI： 10.1177/0042098007087339

Web of Science

Scopus

Optimal fiscal policy in an endogenous growth model with public capital: a note Reviewed International journal

Tamai T.

JOURNAL OF ECONOMICS Vol. 93 ( 1 ) page： 81 - 93 2008.2

Authorship：Lead author,　Corresponding author Language：Japanese Publishing type：Research paper (scientific journal) Publisher：Journal of Economics/ Zeitschrift fur Nationalokonomie

This note presents an investigation of the optimal tax rule in endogenous growth models with public capital. It is presumed that the government levies only an income tax in addition to financing public investment. Furthermore, a household's saving is deducted from the income tax. We find the optimal tax rule whereby the social optimum is attainable. The manner by which a government imposes a tax on income and administers tax deductions is important for attaining a socially optimal situation. © 2007 Springer-Verlag.

DOI： 10.1007/s00712-007-0287-x

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Scopus

Public intermediate goods, endogenous growth, and indeterminacy Reviewed International journal

Tamai Toshiki

ECONOMIC MODELLING Vol. 24 ( 4 ) page： 683 - 689 2007.7

Language：Japanese Publishing type：Research paper (scientific journal) Publisher：Economic Modelling

This paper presents analysis of indeterminacy and endogenous growth in a simple one-sector model of capital accumulation, in which the presence of public intermediate goods creates a positive externality in the production of final goods. In our model, public intermediate goods are assumed to be a stock variable (similar to public capital goods). According to the existence of public intermediate goods, the model generates transitional dynamics and then the intertemporal elasticity of substitution that is particularly critical to local indeterminacy. The possibility of indeterminacy is demonstrably consistent with plausible parameter values. © 2007 Elsevier B.V. All rights reserved.

DOI： 10.1016/j.econmod.2007.01.003

Web of Science

Scopus

Tax Competition, Capital Taxation, and Capital Accumulation Reviewed

Tamai T.

Studies in Regional Science Vol. 37 ( 3 ) page： 739 - 747 2007

Authorship：Lead author,　Corresponding author Language：English Publishing type：Research paper (scientific journal) Publisher：Studies in Regional Science

This paper investigates the consequences of tax competition in a simple dynamic model. Because capital accumulation is allowed the standard conclusions of the tax competition literature were generalized in the dynamic model. First, we showed that the capital tax rate chosen by jurisdictional governments is not zero even when head taxes on immobile residents are available. Second, a decentralized economy may be characterized by an overprovision of local public goods. Finally, capital tax competition brings about not only over accumulation of capital stock but also under accumulation of capital stock. © 2007, JAPAN SECTION OF THE REGIONAL SCIENCE ASSOCIATION INTERNATIONAL. All rights reserved.

DOI： 10.2457/srs.37.739

Scopus

Endogenous market structure and fiscal policy in an endogenous growth model with public capital Reviewed International journal

Tamai T.

Economics Bulletin Vol. 15 ( 1 ) 2006.12

Language：Japanese Publishing type：Research paper (scientific journal) Publisher：Economics Bulletin

This paper develops an endogenous growth model with public capital and imperfect competition. In the model, we take into account monopolistic competition of intermidiate sector and endogenous determination of the number of firms in the sector by considering the fixed cost to keep production going. We show that the number of firms in intermidiate sector is affected by fiscal policy. Furthermore, it is demonstrated in the paper that market structure plays a key role in reducing the growth-maximizing tax rate.

Scopus

Fiscal policy and adjustment costs of private investment in an endogenous growth model with public capital Reviewed International journal

Tamai Toshiki

FINANZARCHIV Vol. 62 ( 4 ) page： 455 - 470 2006.12

Language：Japanese Publishing type：Research paper (scientific journal) Publisher：FinanzArchiv

This paper develops an endogenous growth model with public capital and examines the growth and welfare effects of a fiscal policy that is financed by corporate taxation. In the model, we incorporate the investment decision-making of competitive firms by considering the adjustment costs of private investment. We show that there arises an indeterminacy of the balanced growth path. Furthermore, it is demonstrated that growth-maximizing policy is not equivalent to welfare-maximizing policy on the balanced growth path. © 2006 Mohr Siebeck.

DOI： 10.1628/001522106X172652

Web of Science

Scopus

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