Conference Paper

The domestic and global impact of Japan’s policies for growth

Abstract: This paper illustrates the possible impact of fiscal adjustment and productivity-enhancing structural reforms on the Japanese and world economies. More specifically, using a five-bloc version of the IMF's Global Economy Model (GEM) featuring Japan, emerging Asia, the United States, the euro area and the rest of the world, the paper addresses the following two questions: What is the likely adjustment of key macroeconomic variables as Japan moves toward external equilibrium under alternative fiscal consolidation and total factor productivity growth scenarios? Do alternative policy scenarios in Japan have different implications for external adjustment in the rest of the world?

Status: Published in External imbalances and adjustment in the Pacific Basin : a conference (2005: September 22-23)

Bibliographic Information

Provider: Federal Reserve Bank of San Francisco

Part of Series: Proceedings

Publication Date: 2005