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Finding stability in a time of prolonged crisis: Unconventional policy rules for Japan

Paul McNelis () and Naoyuki Yoshino ()

Journal of Financial Stability, 2016, vol. 27, issue C, 122-136

Abstract: This paper develops and estimates a dynamic stochastic general equilibrium (DSGE) model representing several key characteristics of Japan, namely, a large open economy, with large fiscal deficits and increasing amounts of debt held by domestic residents, through recurring sets of adverse shocks to productivity and positive shocks to government spending.

Keywords: Optimal simple rules; Debt and deficit targets; Quantitative easing policies; Tax-rate rules (search for similar items in EconPapers)
JEL-codes: E52 E62 F41 (search for similar items in EconPapers)
Date: 2016
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Handle: RePEc:eee:finsta:v:27:y:2016:i:c:p:122-136