Recently, the outstanding debt of the Japanese government amounts to 695 trillion yen, which implies 139.5% of GDP. In this paper, we constructed three IS-LM type dynamic models and estimate the eigenvalues of their differential systems. Then we confirm whether or not the huge amount of public...

This paper reassesses the productivity of public capital in Japan by employing prefectural panel data from fiscal year 1975 to 2014. The study addresses key issues of non-stationarity and endogeneity in data, which have been overlooked in previous research. By applying the dynamic ordinary least...