研究者詳細 - 玉井　寿樹

論文 - 玉井　寿樹

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

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 In such cases, the Ramsey formula is no longer valid.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

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

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

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

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

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

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

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

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

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

Toshiki Tamai

経済科学 68 巻 ( 2-3 ) 頁： 1 - 9 2020年12月

Nash Equilibria in Models of Fiscal Competition with Unemployment

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

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

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

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

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

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

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

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

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

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

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

Tax Competition, Capital Taxation, and Capital Accumulation 査読有り

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

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.

Fiscal policy and adjustment costs of private investment in an endogenous growth model with public capital 査読有り国際誌

Tamai Toshiki

FINANZARCHIV 62 巻 ( 4 ) 頁： 455 - 470 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：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

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