Reflating Japan : time to get unconventional? /

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Bibliographic Details
Imprint:	[Washington, D.C] : International Monetary Fund, Asia and Pacific Department, Fiscal Affairs Department, and Research Department, 2016. ©2016
Description:	1 online resource (46 pages) : illustrations.
Language:	English
Series:	IMF working paper ; WP/16/157 IMF working paper ; WP/16/157.
Subject:	Inflation (Finance) -- Japan. Monetary policy -- Japan. Fiscal policy -- Japan. Wages -- Government policy -- Japan. Fiscal policy. Inflation (Finance) Monetary policy. Wages -- Government policy. Japan.
Format:	E-Resource Book
URL for this record:	http://pi.lib.uchicago.edu/1001/cat/bib/12506715

Hidden Bibliographic Details
Other authors / contributors:	Arbatli, Elif, author. Botman, Dennis (Dennis Petrus Johannes), author. Clinton, Kevin, 1944- author. Cova, Pietro, author. Gaspar, Vitor, author. Jakab, Zoltán, author. Laxton, Douglas, author. Lonkeng Ngouana, Constant, author. Mongardini, Joannes, 1970- author. Wang, Hou, author. International Monetary Fund. Asia and Pacific Department, issuing body. International Monetary Fund. Fiscal Affairs Department, issuing body. International Monetary Fund. Research Department, issuing body.
ISBN:	1475523149 9781475523140
ISSN:	1018-5941
Notes:	"August 2016." Bibliography: pages 28-30.
Summary:	"Japan has ambitious economic goals: 3 percent nominal growth; 2 percent inflation; and a primary budget surplus. Abenomics has employed the three arrows of monetary, fiscal and structural policies, but the goals remain out of reach. The authors propose that countercyclical measures be embedded in long-run frameworks that anchor expectations for inflation and public debt. In addition, they argue for an incomes policy to assist reflation. Model simulations suggest that, combined, these proposals would make headway towards the goals, with, on balance, a better chance of success than the more unconventional policy alternatives proposed by Krugman, Svensson, and Turner from a risk-return perspective."--Abstract.
Standard no.:	10.5089/9781475523140.001

Table of Contents:

Cover; Contents; I. Motivation; II. Experience Since the Early 1990s; III. Tight Labor Market but Sluggish Wage-Price Dynamics; IV. Diverging Views; V. The Three-Arrows-Plus Policy Package; A. Arrow 1: An Inflation-Forecast-Targeting Framework; B. Arrow 2: The Fiscal Policy Framework; C. Arrow 3: Structural Reforms; D. The Plus: Incomes Policies; VI. Simulations of the Three-Arrows-Plus Policy Package; VII. Policy Conclusions; Boxes; 1. Strengthening the Bank of Japan's Communication Framework; Figures; 1. Selected Economic Indicators; 2. Wage and Consumption Outlook for Selected Countries
3. Alternative Measures of Labor Market Underutilization4. Beveridge Curve; 5. The Authorities' Current Strategy with the VAT Increase vs. the Three- Arrows-Plus Policy Package; 6. U.S. CPI Inflation and Industrial Production; 7. Net Government Debt (2016-30); Tables; 1. Baseline Scenario; 2. Our Proposed Policy Package; 3. Impact of Structural Reforms on Average GDP Growth; Appendices; I. The Model and the Three-Arrows-Plus Baseline; II. Krugman's Irresponsible Fiscal and Monetary Policy; III. Svensson's Foolproof Way; IV. Turner's Monetization of the Deficit
V. Slow Inflation Response to Incomes PolicyAppendix Figures; II.1 Simulations of Krugman's Irresponsible Fiscal and Monetary Policy; III.1. Simulations of Svensson's Foolproof Way; VI.1. Turner's Monetization of the Deficit; V.1 Slower Adjustment of CPI Inflation to Incomes Policy; Appendix Tables; I.1. Assumptions for Simulating the Three-Arrows-Plus Policy Package; II.1. Assumptions for Krugman's Irresponsible Fiscal and Monetary Policy; III.1. Assumptions for Simulating Svensson's Foolproof Way; IV.1 Assumptions for Simulating Turner's Monetization of the Deficit; References

Reflating Japan : time to get unconventional? /

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