Fiscal Policy in Postwar Japan

Yoshio Kurosaka

Japanese Economy, 1989, vol. 17, issue 3, 3-42

Abstract: Tobin (1980, pp. 46-48) stated: That government policies can be a source of instability is obvious. … That they are the only source of shocks to an intrinsically stable mechanism is a proposition that could be seriously advanced only by persons with extravagant faith in their own abstract models and with historical amnesia. … We can take some encouragement from the economic performance of the advanced democratic capitalist nations since the Second World War. On this point, Martin Baily has proved once more that a picture is worth a thousand words. His picture … shows how much more stable real output has been in the United States under conscious policies of built-in and discretionary stabilization adopted since 1946 and particularly since 1961.

Date: 1989
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DOI: 10.2753/JES1097-203X17033

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