Titlebook: Deflation and Fiscal Deficits; Three Questions Abou Yoshikiyo Sakai Book 2024 The Editor(s) (if applicable) and The Author(s), under exclus

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Answers to Questions 1 and 2: Financial System from Viewpoint of Payment, (MMT). Specifically, from the perspective of economics of payments by Freeman (.), we present a model consistent with the FTPL assertion that fiscal and monetary policy are intertwined. This mechanism explains the process by which the central bank underwrites government bonds, which are the source

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Answer to Question 3: Crocodile Mouth Theory versus Blanchard Claim,ributes to economic efficiency. First, we derive the condition under which the current public debt can be redeemed by refinancing government bonds. This means that there is the limit to government bonds issued, and if they exceed the maximum, it will not be possible for the government to repay the c

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Conclusion,pact of fiscal policy on prices (Question 1) and the macro analysis of MMT (Question 2) are conducted by the mechanism by which government bonds are settled on the monetary base. On the other hand, in the answer to Question 3, public debt is analyzed on the assumption that government bonds and the m

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