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

9 Pages Posted: 16 Aug 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)では政府と中央銀行を統合した統合政府の予算制約式を導出し、それを均衡式とみなして物価水準が変動するという理論になっている。しかしこのモデルでは物価水準の変動が抽象化されており、具体的なメカニズムがはっきりしない。

そこで現代貨幣理論(MMT)の根幹をなす内生的貨幣供給理論と租税貨幣論を数式モデル化し、統合政府債務の予算制約式と合わせることで、統合政府債務の変化による物価水準の変動のメカニズムを明らかにすることが本論文の主旨である。

本稿執筆時点では現代貨幣理論は数式モデル化がなされていないため、現代貨幣理論の根幹をなす理論を数式モデル化している点が本稿の新規性の1つと言えよう。

English Abstract: FTPL (Fiscal Theory of the Price Level) is a theory describes that deriving a integrated government budget constraint equation which is an integration of government and central bank, the Price level will fluctuates by considering it as a equilibrium equation. However, in this model, price level fluctuations are abstracted, and the specific mechanism is unclear.

So the gist of this paper is that by mathematically modeling endogenous money supply theory and tax money theory which are the basis of modern money theory (MMT) and combining them with the budget constraint formula of the integrated government debt, make the mechanism of price level fluctuation due to the change of the integrated government debt clear.

At the time of writing, modern monetary theory has not been mathematically modeled, so one of the novelties of this paper is that it mathematically models the theory which forms the basis of modern monetary theory.

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

Yu Kimura (Contact Author)

Kyoto University ( email )

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

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

Register to save articles to
your library

Register

Paper statistics

Downloads
384
Abstract Views
1,001
PlumX Metrics