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European Instiute of Japanese Studies, Stockholm School of Economics EIJS Working Papers Series

No 163:
ECONOMIC GROWTH AND REFORM: LESSONS FROM THE UNITED STATES AND JAPAN

R. Glenn Hubbard

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; (follow links to similar papers)

JEL-Codes: E10; E20; E30; P52; (follow links to similar papers)

14 pages, September 1, 2002, Revised January 12, 2004

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