 ECONOMIC GROWTH AND REFORM: LESSONS FROM THE UNITED STATES AND JAPANNo 163, EIJS Working Paper Series from Stockholm School of Economics, The European Institute of Japanese Studies Abstract: The Japanese economy has had four recessions since 1990. Also the U.S. economy has been in difficulties during more recent years but there are clear signs of an economic recovery. While Japan’s difficulties are not the mirror image of those in the United States, it is interesting to note that the same mix of policy responses might support recovery in Japan: aggressive monetary action to address deflationary pressures, fiscal policy oriented around controlling spending and long-run tax forms that also provide near-term stimulus, and structural reforms to improve capital market functioning. This policy mix to help revive the Japanese economy will involve politically difficult decisions. In this context, the role of the United States should be to acknowledge the steps that have already been taken in Japan and call attention to those steps that remain to be carried out. Keywords: The Japanese economy; economic crisis; macroeconomics (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:hhs:eijswp:0163 Access Statistics for this paper More papers in EIJS Working Paper Series from Stockholm School of Economics, The European Institute of Japanese Studies The European Institute of Japanese Studies, Stockholm School of Economics, P.O. Box 6501, 113 83 Stockholm, Sweden. Contact information at EDIRC. |
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