研究者詳細 - 玉井　寿樹

論文 - 玉井　寿樹

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Nash Equilibria in Models of Fiscal Competition with Unemployment Open Access

Toshiki Tamai, Kikuchi Yuya

国際経済政策研究センターディスカッションペーパー 2020年11月

Public Investment, National Debt, and Economic Growth: The Role of Debt Finance under Dynamic Inefficiency Open Access

Toshiki Tamai, Akira Kamiguchi

国際経済政策研究センターディスカッションペーパー 2020年9月

Public investment, public debt, and population aging under the golden rule of public finance 査読有り国際誌 Open Access

Kamiguchi Akira, Tamai Toshiki

JOURNAL OF MACROECONOMICS 60 巻頁： 110 - 122 2019年6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：Journal of Macroeconomics

This paper develops an overlapping generations model with debt-financed public investment. The model assumes that government is subject to the golden rule of public finance and that households are finitely lived in the sense of Yaari–Blanchard. It is shown that the growth-maximizing tax rate is not equivalent to the welfare-maximizing one; in addition, both tax rates are lower than the output elasticity of public capital. This paper also derives the threshold value of public debt to GDP ratio that maximizes the equilibrium growth rate and social welfare, i.e., the inverted-U relation between the public debt to GDP ratio and the economic growth rate suggested by empirical studies. Furthermore, this paper shows that both tax rates and the public debt to GDP ratio positively depend on longevity. This result provides a possible explanation for the rising tendency of the public debt to GDP ratio under population aging in countries such as the United Kingdom, Germany, and Japan.

DOI： 10.1016/j.jmacro.2019.01.011

Open Access

Web of Science

Scopus

A note on fiscal policy, indeterminacy, and endogenous time preference 査読有り国際誌

Tamai Toshiki

ECONOMICS BULLETIN 39 巻 ( 1 ) 頁： 615-625 2019年

Dynamic provision of public goods under uncertainty 査読有り国際誌 Open Access

Tamai T.

Economic Modelling 68 巻頁： 409 - 415 2018年1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 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

Open Access

Web of Science

Scopus

Redistributive taxation, wealth distribution, and economic growth 査読有り

Toshiki Tamai

JOURNAL OF ECONOMICS 115 巻 ( 2 ) 頁： 133 - 152 2015年6月

Public capital, deficit financing, and economic growth in a stochastic economy 査読有り国際誌

玉井寿樹

Journal of Macroeconomics 42 巻頁： 14 - 26 2014年12月

The macroeconomic effects of fiscal policy in a stochastically growing economy 査読有り国際誌

玉井寿樹

Economic Modelling 35 巻頁： 464 - 471 2013年9月

Can productive government spending be a source of equilibrium indeterminacy? 査読有り国際誌

上口　晃, 玉井　寿樹

Economic Modelling 28 巻 ( 3 ) 頁： 1335 - 1340 2011年5月

Inequality, unemployment, and endogenous growth in a political economy with a minimum wage 査読有り国際誌

玉井寿樹

Journal of Economics 97 巻 ( 3 ) 頁： 217 - 232 2009年7月

Public capital, taxation, and endogenous growth in a finite horizons model 査読有り国際誌

Metroeconomica 60 巻 ( 1 ) 頁： 179 - 196 2009年2月

Variety of products, public capital, and endogenous growth 査読有り国際誌

Toshiki Tamai

ECONOMIC MODELLING 26 巻 ( 1 ) 頁： 251 - 255 2009年1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：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 査読有り

玉井寿樹

応用経済学研究 3 巻頁： 157-165 2009年

Employment, fiscal policy, and oligopsonistic labour market 査読有り国際誌 Open Access

玉井寿樹

Australian Journal of Labour Economics 12 巻 ( 3 ) 頁： 321-337 2009年

Fiscal and Monetary Policy in an Endogenous Growth Model with Public Capital 査読有り国際誌

Toshiki Tamai

FINANZARCHIV 64 巻 ( 4 ) 頁： 403 - 421 2008年12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：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 査読有り国際誌

Tamai Toshiki

URBAN STUDIES 45 巻 ( 3 ) 頁： 651 - 657 2008年3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：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 査読有り国際誌

Tamai T.

JOURNAL OF ECONOMICS 93 巻 ( 1 ) 頁： 81 - 93 2008年2月

担当区分：筆頭著者,　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：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

Web of Science

Scopus

Public intermediate goods, endogenous growth, and indeterminacy 査読有り国際誌

Tamai Toshiki

ECONOMIC MODELLING 24 巻 ( 4 ) 頁： 683 - 689 2007年7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：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 査読有り Open Access

Tamai T.

Studies in Regional Science 37 巻 ( 3 ) 頁： 739 - 747 2007年

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：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

Open Access

Scopus

Endogenous market structure and fiscal policy in an endogenous growth model with public capital 査読有り国際誌

Tamai T.

Economics Bulletin 15 巻 ( 1 ) 2006年12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：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

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