研究者詳細 - 玉井　寿樹

論文 - 玉井　寿樹

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Public investment, economic growth, and wealth distribution 査読有り国際誌

Tamai, T

JOURNAL OF ECONOMIC DYNAMICS & CONTROL 184 巻 2026年3月

担当区分：筆頭著者,　責任著者記述言語：英語掲載種別：研究論文（学術雑誌）出版者・発行元：Journal of Economic Dynamics and Control

This paper analyzes the effects of public investment on economic growth and wealth distribution in an endogenous growth model with perpetual-youth overlapping generations and idiosyncratic investment risks. Accidental bequests by sudden death and investment risks lead to a widespread wealth distribution with long tails, leading to wealth inequality. Public investment enhances economic growth by increasing the net marginal productivity of private capital. In contrast, excessive investment impedes growth by disturbing private investment due to decreased net marginal productivity. Moreover, public investment reduces wealth inequality by decreasing investment risks through a reallocation from risky to risk-free assets. These growth and distributional effects generate an inverted U-shaped relationship between economic growth and wealth inequality.

DOI： 10.1016/j.jedc.2026.105280

The rate of discount on public investments with future bias in an altruistic overlapping generations model 査読有り国際誌 Open Access

Tamai T.

European Journal of Political Economy 79 巻 2023年9月

担当区分：筆頭著者,　責任著者記述言語：英語掲載種別：研究論文（学術雑誌）出版者・発行元：Elsevier

A typical approach to evaluating public investment projects requires an appropriate rate for discounting future benefits and costs. In many developed countries, the practical discount rate for benefit–cost analysis has been calculated using the Ramsey formula in an optimal growth model, stretched back to the pioneering work presented by Frank Ramsey in 1928. Intergenerational altruism that is widely observed in our society generates future bias. Therefore, elected governments under democracies are future-biased. In such cases, the Ramsey formula is no longer valid. This paper derives a modified Ramsey formula for an appropriate social discount rate to be applied instead of the conventional Ramsey formula. We also examine properties of equilibrium policy. The degree of future bias depends on the political power of young people relative to elderly people. Demographic effects such as population aging negatively affect public investment through decreasing future bias effects. This paper contributes to the optimal theory of public investment for calculating an appropriate social discount rate, both theoretically and practically.

DOI： 10.1016/j.ejpoleco.2023.102416

Social security, economic growth, and social welfare in an overlapping generation model with idiosyncratic TFP shock and heterogeneous workers 査読有り国際誌 Open Access

Tamai Toshiki

JOURNAL OF POPULATION ECONOMICS 2023年1月

担当区分：筆頭著者,　責任著者記述言語：英語掲載種別：研究論文（学術雑誌）出版者・発行元：Journal of Population Economics

This paper develops an overlapping generation model of endogenous growth by incorporating an idiosyncratic productivity shock and heterogeneous individual labor productivity. The idiosyncratic shock generates ex-post inequalities, whereas workers’ heterogeneity generates ex-ante inequalities. Social security programs might improve social welfare by providing insurance for risks not covered by private annuities and redistribution for inequalities. The equilibrium growth rate achieved under a pay-as-you-go pension system is lower than the growth rate achieved under the fully funded pension systems because the pay-as-you-go pension system hinders capital accumulation. However, a pay-as-you-go pension with additional benefits for savings enhances capital accumulation by incentivizing people to save. If the degree of relative risk aversion is sufficiently low, then the equilibrium growth rate under the modified unfunded pension system exceeds that under the funded pension system. In terms of social welfare within the Rawlsian welfare function, if people are highly risk-averse and therefore strongly inequality-averse, a pay-as-you-go system with no savings credit outperforms a fully funded system. By contrast, pay-as-you-go with savings credit is preferred if people have low risk aversion leading to weak inequality aversion.

DOI： 10.1007/s00148-022-00934-w

Unemployment, tax competition, and tax transfer policy 査読有り国際共著国際誌

Tamai Toshiki, Myles Gareth

JOURNAL OF PUBLIC ECONOMIC THEORY 24 巻 ( 3 ) 頁： 470 - 503 2022年6月

担当区分：筆頭著者,　責任著者記述言語：英語掲載種別：研究論文（学術雑誌）出版者・発行元：Journal of Public Economic Theory

The reduction of capital tax rates witnessed over the past two decades has been motivated by the wish to boost investment and reduce unemployment. Previous models of tax competition have explored the consequences for capital allocation in great detail, but have mostly been silent on the employment effects due to the assumption of a perfect labor market. To address the impact of tax competition on employment and public good provision, this paper reconsiders the analysis in the presence of a labor market imperfection that generates unemployment. We incorporate a wage rigidity and intergovernmental transfers financed by the labor income tax into the standard tax competition model to explore the outcome of federal–state policy interaction. The key factors in determining the efficiency are the capital–labor substitutability/complementary and the cost of the efficient level of public good supply relative to the ability of the labor income to generate revenue. When the labor income tax is insufficient for financing, there can only be efficiency if the aggregate externality is negative—but this outcome is only one of multiple equilibria. We also show that federal government leadership is effective to provide public goods efficiently by state governments if capital and labor are substitutes.

DOI： 10.1111/jpet.12563

Economic growth, equilibrium welfare, and public goods provision with intergenerational altruism 査読有り国際誌 Open Access

Tamai Toshiki

EUROPEAN JOURNAL OF POLITICAL ECONOMY 71 巻 2022年1月

担当区分：筆頭著者,　責任著者記述言語：英語掲載種別：研究論文（学術雑誌）出版者・発行元：European Journal of Political Economy

This study examines the government policy of public goods provision and its effects on economic growth and welfare under intergenerational altruism. The study considers an endogenous growth model with altruistic overlapping generations. The preferences of the current youth exhibit a future bias, and thus, democratically elected governments are subject to this future bias. The optimal rule for the supply of public goods under future bias differs from the original Samuelson rule. Unlike the standard growth model without any bias, under the optimal rule, the equilibrium growth rate is not independent of government size. Future bias gives young generations the dynamic incentives to invest more. With future bias, the intergenerational redistributive effects of public goods stimulate such incentives under certain conditions. Hence, the government size affects the economic growth through intertemporal changes in their resource allocations. Moreover, the growth effect of the government size provides nontrivial outcomes of welfare analysis. Our numerical analyses show the growth and welfare superiority of the democratic governments to the nonbiased social planner.

DOI： 10.1016/j.ejpoleco.2021.102068

Capital market integration and fiscal sustainability 査読有り国際誌

Miyazawa Kazutoshi, Ogawa Hikaru, Tamai Toshiki

EUROPEAN ECONOMIC REVIEW 120 巻 2019年11月

記述言語：日本語掲載種別：研究論文（学術雑誌）出版者・発行元：European Economic Review

By constructing a two-country endogenous growth model with a debt-financing government, this paper studies the relationship between the sustainability of public finance and increases in inter-regional factor mobility. To this end, it identifies the minimum tax rate that ensures fiscal sustainability against the backdrop of capital tax competition and studies whether competition for mobile capital lowers or improves fiscal sustainability. The main findings are as follows: (i) when countries are symmetric, increasing capital flows promotes economic growth through the expansion of Romer-type knowledge spillovers, resulting in increased fiscal sustainability in all countries; and (ii) when a marked difference exists between countries, tax competition caused by capital movements might lower fiscal sustainability in a country with abundant capital and large outstanding debt.

DOI： 10.1016/j.euroecorev.2019.103305

Tax competition, unemployment, and intergovernmental transfers 査読有り国際誌

Kikuchi Yuya, Tamai Toshiki

INTERNATIONAL TAX AND PUBLIC FINANCE 26 巻 ( 4 ) 頁： 899 - 918 2019年8月

担当区分：責任著者記述言語：日本語掲載種別：研究論文（学術雑誌）出版者・発行元：International Tax and Public Finance

This paper investigates the relationship among tax competition, the equilibrium efficiency of providing public goods, and intergovernmental transfers, under labor market imperfections. Labor market imperfections cause unemployment-exporting externalities, in addition to fiscal externalities. One of the key points is the unemployment-exporting externality can be either a positive or negative externality. A transfer must internalize these two different externalities to provide public goods efficiently. We consider three specific transfers: tax base equalization, tax revenue equalization, and GDP-based equalization. This paper shows that tax base equalization is more effective than revenue equalization in improving the efficiency of public goods supply if two positive externalities are present. In contrast, tax revenue equalization may be better than tax base equalization if both positive and negative externalities are present. This implies that these two options fail to eliminate the overall external effect in some cases. We demonstrate that in a realistic situation, GDP-based equalization can internalize two different externalities perfectly.

DOI： 10.1007/s10797-019-09533-0

Public investment, the rate of return, and optimal fiscal policy in a stochastically growing economy 査読有り国際誌 Open Access

Tamai Toshiki

JOURNAL OF MACROECONOMICS 49 巻頁： 1 - 17 2016年9月

担当区分：責任著者記述言語：英語掲載種別：研究論文（学術雑誌）出版者・発行元：Journal of Macroeconomics

This study examines the optimal fiscal policy in a stochastic endogenous growth model with private and public capital. The government is willing to actualize a socially optimal equilibrium using a lump-sum tax and government debt linked to public investments, subject to the budget constraint under the golden rule of public finance. A socially optimal fiscal policy states that a deterministic rate of return on government bonds sets the marginal product of public capital. Moreover, public investments optimally adjust the ratio of private capital to public capital to equate the rates of return on such capital. The presence of stochastic disturbances results in a disparity between the optimal marginal products of the two types of capital, as reported in previous empirical studies. This disparity significantly affects the socially optimal growth rate in response to investment risk.

DOI： 10.1016/j.jmacro.2016.04.006

Who gains from capital market integration? Tax competition between unionized and non-unionized countries 査読有り国際誌 Open Access

Ogawa Hikaru, Sato Yasuhiro, Tamai Toshiki

CANADIAN JOURNAL OF ECONOMICS-REVUE CANADIENNE D ECONOMIQUE 49 巻 ( 1 ) 頁： 76 - 110 2016年2月

記述言語：英語掲載種別：研究論文（学術雑誌）出版者・発行元：Canadian Journal of Economics

The welfare effects of capital market integration are examined under a model of tax competition with two asymmetric countries. The asymmetry is expressed through the labour market: one country has a perfect labour market whereas the other country's labour market is unionized. Our results indicate that the welfare effects of capital market integration differ depending on whether governments are active or passive in attracting capital. In the absence of active governments, capital market integration benefits the country with a competitive labour market whereas it harms the unionized country. Capital market integration benefits both countries if governments are active and compete for mobile capital using taxes/subsidies.

DOI： 10.1111/caje.12191

Are fiscal sustainability and stable balanced-growth equilibrium simultaneously attainable? 査読有り国際誌

上口晃, 玉井寿樹

Metroeconomica 63 巻 ( 3 ) 頁： 443 - 457 2012年6月

Public goods provision, redistributive taxation, and wealth accumulation 査読有り国際誌

玉井寿樹

Journal of Public Economics 94 巻 ( 11-12 ) 頁： 1067 - 1072 2010年12月

A note on unemployment and capital tax competition 査読有り国際誌

Ogawa Hikaru, Sato Yasuhiro, Tamai Toshiki

JOURNAL OF URBAN ECONOMICS 60 巻 ( 2 ) 頁： 350 - 356 2006年9月

記述言語：英語掲載種別：研究論文（学術雑誌）出版者・発行元：Journal of Urban Economics

We introduce a labor market imperfection into the capital tax competition literature to study the equilibrium tax formulae and their efficiency in the presence of unemployment. Since we allow for labor market imperfection, the standard conclusions of the tax competition literature would be generalized in the case of non-full employment. Our first result shows that even when head taxes on immobile residents are available, the optimal capital tax rate for jurisdictional governments is not zero. Our second finding is that decentralized equilibrium might be characterized by the overprovision of local public goods when the labor market is imperfect. © 2006 Elsevier Inc. All rights reserved.

DOI： 10.1016/j.jue.2005.07.002

Government expenditure composition and long-run economic growth in the aging democracy 査読有り

Tamai, T; Wang, YQ

ECONOMIC MODELLING 149 巻 2025年8月

担当区分：筆頭著者,　責任著者記述言語：英語掲載種別：研究論文（学術雑誌）出版者・発行元：Economic Modelling

This paper examines how population aging affects government expenditure composition, economic growth, and social welfare in democratic societies, using an overlapping generations model. In aging societies, where public investment and welfare expenditures are financed through income taxes, intergenerational conflicts persist. Retired generations (i.e., elderly citizens) favor higher income tax rates to increase current welfare expenditures, often at the expense of public investment. In contrast, working generations (i.e., young citizens) prefer greater public investment but oppose higher income taxes. As the population ages, the political power of elderly citizens strengthens, leading to higher taxes and a reallocation of budgets from public investment toward current welfare. Consequently, population aging under democracy tends to undermine both economic growth and social welfare. However, when aging results from increased longevity, it can enhance capital accumulation, as individuals save more for retirement. Moreover, longer life expectancy brings survival benefits to both young and old generations, enabling them to enjoy retirement and reap the returns from public investment. Thus, population aging also has direct positive effects on growth and welfare. Numerical analysis reveals an inverted U-shaped relationship between population aging, economic growth, and social welfare if the elasticity of elderly citizens’ political power with respect to population aging is sufficiently high.

DOI： 10.1016/j.econmod.2025.107119

Unemployment, Fiscal Competition, and the Composition of Public Expenditure

Kikuchi, Y; Kuzawa, A; Tamai, T

PUBLIC FINANCE REVIEW 2025年6月

記述言語：英語掲載種別：研究論文（学術雑誌）出版者・発行元：Public Finance Review

This paper investigates the efficiency of equilibrium policies and public expenditure composition under labor market imperfection in a fiscal competition model. The sources of the inefficiency in supplying public goods and inputs with a capital tax are the employment stimulus and fund-raising effects of public inputs and fiscal and employment externalities. Public goods and public inputs are provided optimally if public expenditures are financed by capital and lump-sum taxes. However, if the capital tax is solely available, then public goods and public inputs can be either undersupplied or oversupplied in the second-best sense because jurisdictional governments seek to attract capital and create employment and tax revenues. Hence, in contrast to reports of the earlier literature on fiscal competition, an increase in public input expenditure financed by a decrease in public goods expenditure improves social welfare, depending on the inefficiencies of public goods and public input supplies.

DOI： 10.1177/10911421251346858

Public investment, factor income taxation, and intergenerational welfare distribution in an overlapping generations model 査読有り

Tamai, T

JOURNAL OF ECONOMICS 2024年6月

記述言語：英語掲載種別：研究論文（学術雑誌）出版者・発行元：Journal of Economics/ Zeitschrift fur Nationalokonomie

This paper examines intergenerational welfare effects of public investment financed by factor income taxes in a perpetual-youth overlapping generations model. With elastic labor supply, our analysis shows that long-run employment increases as the tax rate on capital income increases. The positive long-run effect of capital income taxation on employment weakens the negative growth effect of tax distortion. In contrast, the long-run employment might decrease as the tax rate on labor income increases. Hence, the negative long-run effect of labor income taxation on employment strengthens the negative growth effect due to the tax distortion. Finally, this paper reveals that older people with more financial wealth suffer more significant welfare loss from the increased tax on each capital and labor income than younger people if the increased tax impedes economic growth. Furthermore, the increased tax harms the younger generations more than the older generations at the aggregate level because they have a larger population than the older people. However, the negative welfare effects of labor income taxation are stronger than those of capital income taxation because of the negative effect of labor income taxation on employment, which leads to a lower equilibrium growth rate.

DOI： 10.1007/s00712-024-00875-w

Public investment, national debt, and economic growth: The role of debt finance under dynamic inefficiency 査読有り国際誌 Open Access

Kamiguchi Akira, Tamai Toshiki

JOURNAL OF MACROECONOMICS 77 巻 2023年9月

担当区分：責任著者記述言語：英語掲載種別：研究論文（学術雑誌）出版者・発行元：Journal of Macroeconomics

Public investment is a central issue in the dynamic analyses of fiscal policy and economic growth. Debt financing for public investment and its effects have recently received great attention because interest rates have been low, almost invariably remaining below economic growth rates. This paper presents examination of the effects of debt-financed public investment subject to a simple fiscal rule in an overlapping generations model with public capital. This topic includes capital budgeting and the debt–deficit criterion of the Maastricht treaty. We show herein that debt financing for public investment enhances economic growth if an economy is dynamically inefficient and if public capital has a sufficiently large productivity effect. Moreover, it reduces economic growth rates in a dynamically efficient economy. Debt and growth can have a monotonic or non-monotonic relation, depending on the steady-state interest rate, growth rate, and productivity effect of public investment. The findings indicate that debt–growth relations match with controversial empirical evidence. Furthermore, existing generations choose perfect debt finance if dynamic inefficiency exists. In contrast, a balanced budget is preferred in a dynamically efficient economy with low productivity effects of public capital. However, an economy with high productivity effects of public capital might cho ose debt financing. This paper contributes to the elucidation of currently emphasized issues of public investment.

DOI： 10.1016/j.jmacro.2023.103535

Unemployment and endogenous choice on tax instruments in a tax competition model: unit tax versus ad valorem tax 査読有り国際誌 Open Access

Kikuchi Yuya, Tamai Toshiki

INTERNATIONAL TAX AND PUBLIC FINANCE 2023年6月

記述言語：英語掲載種別：研究論文（学術雑誌）出版者・発行元：International Tax and Public Finance

This paper examines the endogenous choice of unit and ad valorem taxes in a model of tax competition with unemployment. Governments maximize objective functions that are a weighted sum of regional welfare and revenue. In the tax competition model, a high fixed wage rate generates unemployment and employment externalities. This effect can be either positive or negative because of freely mobile capital among regions. Without unemployment, revenue-maximizing governments choose unit taxes as their tax instrument to avoid revenue losses from intense tax competition under ad valorem taxes. However, with unemployment, positive employment externalities generate additional benefits for using ad valorem taxes to stimulate employment. Therefore, the present study shows that one region chooses an ad valorem tax, whereas the other chooses a unit tax, or that both governments use ad valorem taxes depending on employment externalities.

DOI： 10.1007/s10797-023-09785-x

Tax competition versus tax coordination in a multi-region endogenous growth model with an integrated capital market* 査読有り国際誌 Open Access

Tamai Toshiki

ECONOMIC MODELLING 114 巻 2022年9月

記述言語：英語掲載種別：研究論文（学術雑誌）出版者・発行元：Economic Modelling

This paper analyzes tax competition and coordination, determining which is better in a multi-region endogenous growth model. With an integrated capital market, increased capital tax in one region generates external benefits to others through an increased tax base originating from capital flight. Because this efficiency cost affects resource allocation between private and public goods and intertemporal consumption and investment choice, a higher cost derives a lower equilibrium capital tax rate, leading to a higher economic growth rate. Consequently, the inefficiency costs exert two opposite welfare effects via inefficiently low public goods supply and high economic growth. Naturally, tax coordination to cope with severe tax competition is welfare improving to resolve the underprovision of public goods instead of accepting low growth. In contrast, tax coordination is not desirable if tax competition is mild because benefits from high growth outweigh the costs of an undersupply of public goods.

DOI： 10.1016/j.econmod.2022.105933

Tax Competition, Economic Growth, and Social Welfare Open Access

国際経済政策研究センターディスカッションペーパー 2021年2月

Public capital, economic growth, and welfare in an endogenous growth model with the weakest-link externality Open Access

Toshiki Tamai

経済科学 68 巻 ( 2-3 ) 頁： 1 - 9 2020年12月

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