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Yoshito Funashima
''Counter-cyclical policy and political manipulation: An empirical analysis of Japanese government expenditures''
( 2012, Vol. 32 No.3 )
Distinguishing accurately pure macroeconomic stabilization policies from election-motivated manipulations might be a difficult task within the framework of regression analysis. This paper attempts to demonstrate that the simple introduction of frequency-domain perspective provides a direct means of identifying portions of underlying components of Japanese public expenditures. We find that public investment behaves counter-cyclically over the business cycle, and not only public investment but also public consumption is manipulated for the House of Councillors elections.
Keywords: public expenditures, frequency-domain perspective
JEL: D7 - Analysis of Collective Decision-Making: General
E6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General
Manuscript Received : Jul 01 2012 Manuscript Accepted : Jul 12 2012

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