03546nam a22005295i 4500 978-981-97-0415-6 DE-He213 20251030111812.0 cr nn 008mamaa 240409s2024 si | s |||| 0|eng d 9789819704156 978-981-97-0415-6 10.1007/978-981-97-0415-6 doi HB172.5 KCB bicssc BUS039000 bisacsh KCB thema Sakai, Yoshikiyo. author. aut http://id.loc.gov/vocabulary/relators/aut 74941 Deflation and Fiscal Deficits [electronic resource] : Three Questions About Japanese Economic Policy / by Yoshikiyo Sakai. 1st ed. 2024. Singapore : Springer Nature Singapore : Imprint: Springer, 2024. VIII, 73 p. 15 illus., 10 illus. in color. online resource. text txt rdacontent computer c rdamedia online resource cr rdacarrier text file PDF rda SpringerBriefs in Economics, 2191-5512 Circumstances of Questions and Theoretical Background -- Timeline of Economic Policies in Japan -- Structure of Quantitative and Qualitative Monetary Easing and Joint Statement with Government -- Fiscal Theory of Price Level and Modern Monetary Theory -- Answers to Questions 1 and 2: Financial System from Viewpoints of Payment -- Answer to Question 3: Crocodile Mouth Theory vs. Blanchard Assertion -- Conclusion. In this study on the Japanese economy, the author focuses on three problems related to economic policy and presents their answers. The author analyzes (i) what mechanisms exist for fiscal policy and the price level, (ii) whether the MMT proposition that public deficits increase people’s wealth and savings fits into the standard macro model, and (iii) whether Blanchard's assertion that fiscal deficits are net wealth in the US economy can be applied to Japanese economy as well. The propositions of Sims’ FTPL, Kelton's MMT, Japan's Ricardian type argument, and the non-Ricardian type of government by Blanchard have been understood as independent economic perceptions, but they will be theoretically shown as a coherent story. Namely, this study presents a macroeconomic framework that includes the financial sector and derives Sims’ proposition that “fiscal policy can be the sole determinant of the price level.” It also shows that MMT's claim that "budget deficits increase our wealth and collective savings" can inevitably hold within this framework. Furthermore, it presents a model that consistently explains that public debt leads to financial collapse and contributes to economic welfare. Macroeconomics. Economic development. 58075 Economic policy. 58351 Macroeconomics and Monetary Economics. 69508 Economic Growth. 58347 Economic Policy. 58351 SpringerLink (Online service) Springer Nature eBook Printed edition: 9789819704149 Printed edition: 9789819704163 SpringerBriefs in Economics, 2191-5512 71417 https://doi.org/10.1007/978-981-97-0415-6 ZDB-2-ECF ZDB-2-SXEF 59044 59044