Wage-price dynamics and structural reforms in Japan /
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Author / Creator: | Porcellacchia, Davide, author. |
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Imprint: | [Washington, D.C.] : International Monetary Fund, 2016. ©2016 |
Description: | 1 online resource (26 pages) : illustrations. |
Language: | English |
Series: | IMF Working Paper ; WP/16/20 IMF working paper ; WP/16/20. |
Subject: | |
Format: | E-Resource Book |
URL for this record: | http://pi.lib.uchicago.edu/1001/cat/bib/12504863 |
Summary: | Structural reforms in the liquidity trap need not be deflationary. This paper develops a simple framework to study the role that key characteristics of Japan's labor and product markets--labor-market duality and weak corporate governance--play in generating unfavorable wage-price dynamics. The model allows a discussion of whether and in what form structural reforms may contribute to Japan's short-run goal of reflating the economy. It finds that boosting inflation with structural reforms implies an unusual trade-off with employment, that is an inverted Phillips curve. Simultaneous implementation of labor-market and product-market reforms is most effective in terms of reflating the economy. |
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Item Description: | "February 2016." "Asia and Pacific Department." |
Physical Description: | 1 online resource (26 pages) : illustrations. |
Bibliography: | Includes bibliographical references (pages 23-25). |
ISBN: | 1498316638 9781498316637 1498318894 9781498318891 1475592620 9781475592627 |
ISSN: | 1018-5941 |