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ID 25761
本文ファイル
別タイトル
On the money supply and the deflation of Japan over the post-war period
著者
NDC
経済
抄録(英)
This paper analyses the deflation factor in Japan in 90s according to the annual macroeconomic data over the post-war period. Moreover, we considered the influence given to the real economy and the price by a monetary policy through the verification of the neutral proposition of money. Two causes can be possible to be pointed out to the deflation in 90s as a result.

One is decreasing in demand of consumption and investment because of the long recession. It can be thought that this is an direct effect of recession.

Another one is higher rising of Marshall's k than money supply. This means that the velocity of money slowed down seriously despite of enlargement of money supply and many actors in the market were holding money for a long time.

Moreover, the neutral proposition of money examined by the cointegration test and VECM was doubtful in a long term in Japan. This result means that monetary policy has been remaining the strong influence to the real economy while it has been having the weak effect to the price.
掲載誌名
広島大学大学院総合科学研究科紀要. II, 環境科学研究
1巻
開始ページ
39
終了ページ
53
出版年月日
2006-12-31
出版者
広島大学大学院総合科学研究科
ISSN
1881-7696
NCID
SelfDOI
言語
日本語
NII資源タイプ
紀要論文
広大資料タイプ
学内刊行物(紀要等)
DCMIタイプ
text
フォーマット
application/pdf
著者版フラグ
publisher
権利情報
Copyright (c) 2006 by Graduate School of Integrated Arts and Sciences, Hiroshima University. All rights reserved
部局名
総合科学研究科
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