研究者情報 | 神奈川大学

シナガワ　シュンスケ Shinagawa Shunsuke 品川　俊介所属神奈川大学経済学部経済学科/現代ビジネス学科神奈川大学大学院経済学研究科経済学専攻（公共政策コース）職種准教授
言語種別	英語
発行・発表の年月	2019/10
形態種別	学術雑誌
査読	査読あり
標題	Policy Lag and Sustained Growth
執筆形態	共著
掲載誌名	Italian Economic Journal
掲載区分	国外
出版社・発行元	Springer
巻・号・頁	5(3),pp.403-431
著者・共著者	Shunsuke Shinagawa Eiji Tsuzuki
概要	This study provides a theoretical analysis of economic stability when a fiscal policy lag and sustained economic growth coexist. We develop a New Keynesian model by introducing economic growth based on an exogenous factor and a fiscal policy rule with a delay in policy reaction. We clarify the effect of these factors on economic stability by performing a dynamic analysis of the delay-differential equation system derived from the developed model. Our study has several contributions. First, this study contributes an analysis of the effect of a policy lag on stability. When the economy does not grow, a large policy lag destabilizes the economy. However, in a sustainably growing economy, a large policy lag may eliminate instability and contribute to economic stability. Second, we show that a change in the economic growth rate can affect economic stability under a policy lag. This new finding runs contrary to the usual results from growth models without a policy lag.
DOI	https://doi.org/10.1007/s40797-019-00092-1