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Autor:innen: 
Murota, Ryu-ichiro
Ono, Yoshiyasu
Datum: 
2015
Schriftenreihe/Nr.: 
ISER Discussion Paper No. 937
Verlag: 
Osaka University, Institute of Social and Economic Research (ISER), Osaka
Zusammenfassung: 
We develop a Keynesian cross analysis with a dynamic optimization setting that explains long-run stagnation caused by aggregate demand deficiency. We show that an increase in government purchases boosts GDP through a multiplier process, but the implication is quite different from the conventional Keynesian one. It works not through an increase in disposable income but through moderation of deflation. Thus, countries that have lapsed into long-run stagnation should expand government spending that directly creates employment in order to reduce the deflationary gap.
Schlagwörter: 
Aggregate Demand
Consumption Function
Keynesian Cross
Multiplier Effect
Persistent Unemployment
JEL: 
E12
E24
E62
Dokumentart: 
Working Paper

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