WEKO3
アイテム
Job Guarantee, Climate Dynamics, and Animal Spirits: Stability, Hopf Bifurcations, and Policy Over-Reaction
https://jobu.repo.nii.ac.jp/records/2000006
https://jobu.repo.nii.ac.jp/records/20000062d72ec80-a0d1-45ee-af97-b903db7484b7
| 名前 / ファイル | ライセンス | アクション |
|---|---|---|
vol.25 p.25-45 (10.1 MB)
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| アイテムタイプ | 紀要論文 / Departmental Bulletin Paper(1) | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 公開日 | 2026-03-04 | |||||||||
| 資源タイプ | ||||||||||
| 資源タイプ識別子 | http://purl.org/coar/resource_type/c_6501 | |||||||||
| 資源タイプ | departmental bulletin paper | |||||||||
| タイトル | ||||||||||
| Job Guarantee, Climate Dynamics, and Animal Spirits: Stability, Hopf Bifurcations, and Policy Over-Reaction | ||||||||||
| 作成者 |
田中, 秀臣
× 田中, 秀臣
WEKO
424
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| 主題 | ||||||||||
| キーワード | modern monetary theory (MMT) | |||||||||
| 主題 | ||||||||||
| キーワード | job guarantee | |||||||||
| 主題 | ||||||||||
| キーワード | functional finance | |||||||||
| 主題 | ||||||||||
| キーワード | macro–climate dynamics | |||||||||
| 主題 | ||||||||||
| キーワード | animal spirits | |||||||||
| 主題 | ||||||||||
| キーワード | Hopf bifurcation | |||||||||
| 主題 | ||||||||||
| キーワード | stability region | |||||||||
| 主題 | ||||||||||
| 主題Scheme | JEL | |||||||||
| 分類コード | E62 | |||||||||
| 主題 | ||||||||||
| 主題Scheme | JEL | |||||||||
| 分類コード | E32 | |||||||||
| 主題 | ||||||||||
| 主題Scheme | JEL | |||||||||
| 分類コード | Q54 | |||||||||
| 主題 | ||||||||||
| 主題Scheme | JEL | |||||||||
| 分類コード | C62 | |||||||||
| 主題 | ||||||||||
| 主題Scheme | JEL | |||||||||
| 分類コード | E12 | |||||||||
| 内容記述 | ||||||||||
| 抄録 | Modern Monetary Theory (MMT) repeatedly stresses, in a Keynes–Minsky spirit, that investment and aggregate demand are shaped by animal spirits under fundamen-tal uncertainty, and that fiscal institutions—rather than monetary reaction rules—are central to macroeconomic stabilisation in a monetary-sovereign regime. Motivated by this viewpoint, the present paper develops an integrated continuous-time macro–climate model for an MMT-style Green New Deal (GND) in which a Job Guarantee (JG), climate-responsive functional finance, and an explicit animal-spirits (sentiment) block interact. The linearised dynamics are represented by a seven-dimensional system in the out-put gap, inflation, fiscal stance, atmospheric CO2 stock, a climate shadow price, ex-pected inflation, and a sentiment index. We derive the Jacobian, characterise the seventh-degree characteristic polynomial, and state the Routh–Hurwitz conditions for local asymptotic stability. Particular attention is paid to two policy design parameters: the strength of JG-related stabilisation and the intensity of climate-responsive fiscal feedback. We show that moderate values of these feedbacks enlarge the stability region, whereas excessively strong reactions can generate Hopf bifurcations and endogenous macro–climate cycles. Two reduced five-dimensional representations isolate alterna-tive expectation mechanisms—adaptive inflation expectations versus sentiment-driven demand amplification—and enable numerical mapping of Hopf loci and a “golden” stabilisation region in policy-parameter space. Finally, nonlinear extensions with climate tipping and nonlinear sentiment feed-backs generate multiple steady states, separatrices, and regime switching between low-and high-emissions outcomes. The paper is framed in a post-Keynesian and SFC-compatible tradition rather than a DSGE approach; an appendix sketches an underly-ing nonlinear structure from which the local linear dynamics can be obtained. |
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| 言語 | ||||||||||
| 本文の言語 | eng | |||||||||
| アクセス権 | ||||||||||
| アクセス権 | open access | |||||||||
| アクセス権URI | http://purl.org/coar/access_right/c_abf2 | |||||||||
| 出版タイプ | ||||||||||
| 出版タイプ | VoR | |||||||||
| 出版タイプResource | http://purl.org/coar/version/c_970fb48d4fbd8a85 | |||||||||
| 収録物名 | ||||||||||
| 上武大学ビジネス情報学部紀要 | ||||||||||
| 収録物名 | ||||||||||
| Jobu Daigaku Bijinesu Joho Gakubu kiyo (Bulletin of Faculty of Business Information Sciences, Jobu University) | ||||||||||
| 日付 | ||||||||||
| 発行日 | 2026-03-04 | |||||||||
| 巻 | ||||||||||
| 25 | ||||||||||
| 開始ページ | ||||||||||
| 25 | ||||||||||
| 終了ページ | ||||||||||
| 45 | ||||||||||
| 出版者情報 | ||||||||||
| 出版者名 | 上武大学 | |||||||||
| 出版者名 | Jobu University | |||||||||
| 出版地 | 群馬 | |||||||||
| 出版地（国名コード） | JPN | |||||||||
| 収録物識別子 | ||||||||||
| 収録物識別子タイプ | EISSN | |||||||||
| ISSN | 2188-5257 | |||||||||
| 収録物識別子 | ||||||||||
| NII書誌ID(NCID) | AA11830515 | |||||||||
