物価水準の貨幣理論 (Monetary Theory of the Price Level)

12 Pages Posted: 16 Aug 2019 Last revised: 26 Nov 2019

Date Written: July 31, 2019

Abstract

English version http://ssrn.com/abstract=3431596

Japanese Abstract:
物価水準の財政理論(Fiscal Theory of the Price Level, FTPL)では政府と中央銀行のバランスシートを統合した統合政府の予算制約式を導出し,実質政府債務が予算制約を満たすように物価水準が変動するという理論になっている.このモデルでは物価水準の変動原因が明示化されているわけではない.
そこで現代貨幣理論(Modern Monetary Theory, MMT)の根幹をなす租税貨幣論と内生的貨幣供給論を数式モデル化し,マクロ経済モデルを組み立て,物価水準の変動のメカニズムと財政の関わりを明示化したモデルを提案することが本論文の主旨である.

English Abstract:
Fiscal Theory of the Price Level (FTPL) derives the budget constraint formula of the integrated government which integrates balance sheets of the government and the central bank, and it is a theory that price level fluctuates so that real government debt satisfies budget constraint. This model does not specify the cause of price level fluctuations.

Then, this paper proposes a model which clarifies the relation between the mechanism of the fluctuation of the price level and the finance by constructing the mathematical model of tax money theory and endogenous money supply theory which are the basis of Modern Monetary Theory (MMT), and constructing the macro-economic model.

Note: Downloadable document is in Japanese.

Keywords: MTPL, FTPL, MMT

JEL Classification: E

Suggested Citation

Kimura, Yu, 物価水準の貨幣理論 (Monetary Theory of the Price Level) (July 31, 2019). Available at SSRN: https://ssrn.com/abstract=3429565 or http://dx.doi.org/10.2139/ssrn.3429565

Yu Kimura (Contact Author)

Kyoto University ( email )

Yoshida-Honmachi
Sakyo-ku
Kyoto, 606-8501
Japan

HOME PAGE: http://yu-kimura.jp

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