Personnel Information

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LU ZHENKUN

Organization
School of Policy Studies Assistant Professor
Research Fields, Keywords
Public Finance, Macroeconomics, Applied Econometrics
Teaching and Research Fields
My research lies at the intersection of macroeconomics and public finance, with a particular focus on the effectiveness and sustainability of fiscal policy. By combining dynamic stochastic general equilibrium (DSGE) models with macroeconomic data, I analyze how fiscal interventions influence the real economy from both theoretical and empirical perspectives.

(1) Efficiency of Fiscal Spending Allocation
Since the COVID-19 pandemic, advanced economies have seen a sharp rise in debt-to-GDP ratios, posing new fiscal challenges. In this context, I examine how efficiently fiscal spending is allocated. Using econometric analysis and New Keynesian models, I assess how different types of spending—such as public investment and transfers—affect output and employment. My research particularly focuses on Japan’s environment of prolonged low growth and population aging, analyzing how fiscal measures operate through aggregate demand, price stickiness, and labor market frictions, including their fiscal multipliers.

(2) Fiscal Sustainability
I also investigate the sustainability of fiscal policy. Elevated debt levels have heightened market sensitivity to the government’s repayment capacity. To capture this, I construct an expectation index based on fiscal-related news and empirically analyze how this index affects government borrowing costs through bond yields. This research transforms the abstract notion of "expectations about fiscal sustainability" into a measurable indicator, helping policymakers balance short-term stimulus with long-term fiscal health.
Mail Address
geg65709@kwansei.ac.jp
URL
https://econsolider.github.io/
Syllabus information URL
https://syllabus.kwansei.ac.jp/uniasv2/UnSSOLoginControlFree?REQ_ACTION_DO=/AGA030PLS01Action.do?REQ_FUNCTION_JUMP_START_FLG=1&SLB_LINK_DISP_FLG=689&TCH_NO=256017&REQ_PRFR_FUNC_ID=AGA030
SDGs Related Goals
External link
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Graduating School 【 display / non-display 】

  • Graduating School:Kwansei Gakuin University
    Faculty:School of Policy Study
    Course / Major:総合政策学科

    Kind of school:University
    Date of graduation:2020.03
    Completion status:Graduated
    Country location code:Japan

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Graduate School 【 display / non-display 】

  • Graduate school:Kwansei Gakuin University
    Department:School of Policy Study
    Course:総合政策学科

    Course completed:Doctor's Course
    Date of completion:2025.03
    Completion status:Completed
    Country:Japan

  • Graduate school:Kwansei Gakuin University
    Department:School of Policy Study
    Course:総合政策学科

    Course completed:Master's Course
    Date of completion:2022.03
    Completion status:Completed
    Country:Japan

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Degree 【 display / non-display 】

  • Degree name:School of Policy Study
    Classified degree field:Humanities & Social Sciences / Economic policy
    Conferring institution:Kwansei Gakuin University
    Acquisition way:Coursework
    Date of acquisition:2025.03

  • Degree name:School of Policy Study
    Classified degree field:Humanities & Social Sciences / Economic policy
    Conferring institution:Kwansei Gakuin University
    Acquisition way:Coursework
    Date of acquisition:2022.03

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Association Memberships 【 display / non-display 】

  • Academic society name:The Japan Institute of Public Finance
    Academic country located:Japan

  • Academic society name:The Japanese Economic Association
    Academic country located:Japan

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Research Areas 【 display / non-display 】

  • Research field:Humanities & Social Sciences / Economic policy
    Research keywords：Public Finance, Macroeconomics, Applied Econometrics

  • Research field:Humanities & Social Sciences / Public economics and labor economics

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Papers 【 display / non-display 】

  • Language: English
    Title: Impact of fiscal policies on the labor market with search friction: An estimated DSGE model for Japan
    Journal name: JOURNAL OF THE JAPANESE AND INTERNATIONAL ECONOMIES  vol.72
    Date of publication: 2024.06
    Author(s): Lu, ZK; Kameda, K

    DOI: 10.1016/j.jjie.2024.101315
    Type of publication: Research paper (scientific journal)
    Co-author classification: Multiple Authorship

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  • Language: English
    Title: COMPARISON OF VARIOUS FISCAL POLICIES IN THE FACE OF DIFFERENT DEMOGRAPHIC STAGES
    Journal name: SINGAPORE ECONOMIC REVIEW  vol.69  (04)  (p.1473 - 1497)
    Date of publication: 2024
    Author(s): Yoshino, N; Kameda, K; Miyamoto, H; Lu, ZK

    DOI: 10.1142/S0217590824450097
    Type of publication: Research paper (scientific journal)
    Co-author classification: Multiple Authorship

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  • Language: Chinese
    Title: Economic and Environmental Welfare Effects of Heterogeneous Carbon Pricing Policies
    Journal name: Finance & Economics  (p.82 - 97)
    Date of publication: 2023.12
    Author(s): Weidong Huo, Xiaoxian Chen, Zhenkun Lu

    Type of publication: Research paper (scientific journal)

  • Language: English
    Title: Comparison of the productivity of public capital by project type: Central-government, subsidized-local, and unsubsidized-local projects in Japan
    Journal name: Japan and the World Economy  vol.61  (101119)
    Date of publication: 2022.03
    Author(s): Keigo Kameda, Zhenkun Lu, Masaki Fukui

    DOI: https://doi.org/10.1016/j.japwor.2022.101119
    Type of publication: Research paper (scientific journal)

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Presentations 【 display / non-display 】

  • Language:Japanese
    Conference name:日本財政学会第８１回大会.
    International/Domestic presentation:Domestic presentation
    Holding date：2024
    Presentation date：2024.10
    Title:The Productivity of Public Capital and Aging Population: A Panel Cointegration Analysis
    Presentation type:Oral presentation (general)

  • Language:English
    Conference name:IMF-CARF-TCER-WASEDA UNIVERSITY CONFERENCE.
    International/Domestic presentation:International presentation
    Holding date：2024
    Presentation date：2024.07
    Title:COMPARISON OF VARIOUS FISCAL POLICIES IN THE FACE OF DIFFERENT DEMOGRAPHIC STAGES
    Presentation type:Oral presentation (general)

  • Language:Japanese
    Conference name:日本経済学会2024年度春季大会
    International/Domestic presentation:Domestic presentation
    Holding date：2024
    Presentation date：2024.05
    Title:Comparison of Two Types of Fiscal Policies in Face with Aging Population of Japan
    Presentation type:Oral presentation (general)

  • Language:English
    Conference name:Korean Association of Public Finance 2022.
    International/Domestic presentation:International presentation
    Holding date：2022
    Presentation date：2022.10
    Title:Impact of Fiscal Policies on the Labor Market with Search Friction: An Estimated DSGE Model for Japan
    Presentation type:Oral presentation (general)

  • Language:Japanese
    Conference name:日本財政学会第79回大会
    International/Domestic presentation:Domestic presentation
    Holding date：2022
    Presentation date：2022.10
    Title:Impact of fiscal policies on labor market with search friction: an estimated DSGE model for Japan
    Presentation type:Oral presentation (general)

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