Noritaka Kudoh Hokkaido University   Department of Economics Hokkaido University Kita 9 Nishi 7, Kita-ku Sapporo, Hokkaido 060-0809 Japan   kudoh@econ.hokudai.ac.jp             JEL Areas: E : Macroeconomics and Monetary Economics H6 : National Budget, Deficit, and Debt: General