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In this paper, a theoretical hypothesis that public works would have deterrence effects of deflation under the situation that deflationgap exists was tested empirically. For testing this hypothesis empirically, we used macro-economics data in Japan since 1991 when the huge deflation-gap was brought by the collapse of the babble economy. As a result, we found that 1,000 billions yen’s public works increases the GDP deflator by 0.2-0.8 % and increases nominal GDP by about 2,430 billions yen 4,550 billions yen. This results support the hypothesis that public works would have deterrence effects of deflation under the situation that deflation-gap exists. It was also found that the deflation deterrence effects by the public works was larger than that by the in-crease export.

The empirical analysis of project effects of public works under deflation