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

10 Pages Posted: 16 Aug 2019 Last revised: 16 Sep 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(Modern Monetary Theory, MMT)の根幹をなす内生的貨幣供給理論と租税貨幣論を参考にマクロ経済モデルを組み立て、統合政府の予算制約内での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。

English Abstract:
According to the Fiscal Theory of the Price Level (FTPL), a budget constraint formula for the integrated government, in which the government and the central bank are integrated, is derived, which is regarded as a balanced formula, and the price level fluctuates.

However, this model abstracts changes in price levels, and the specific mechanism is unclear.
The purpose of this paper is to clarify the mechanism of price level fluctuation within the budget constraint of the consolidated settlement government by constructing a macroeconomic model with reference to endogenous money supply theory and tax money theory which form the basis of Modern Monetary Theory (MMT).

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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