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

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  • Nicoletta Batini
  • Papa N'Diaye
  • Alessandro Rebucci

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?

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Bibliographic Info

Article provided by Federal Reserve Bank of San Francisco in its journal Proceedings.

Volume (Year): (2005)
Issue (Month): ()
Pages:

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Handle: RePEc:fip:fedfpr:y:2005:x:21

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References

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  1. International Monetary Fund, 2005. "Net Foreign Asset Positions and Consumption Dynamics in the International Economy," IMF Working Papers 05/82, International Monetary Fund.
  2. Peter Isard & Hamid Faruqee, 1998. "Exchange Rate Assessment," IMF Occasional Papers 167, International Monetary Fund.
  3. Gian-Maria Milesi-Ferretti & Philip R. Lane, 2005. "A Global Perspectiveon External Positions," IMF Working Papers 05/161, International Monetary Fund.
  4. Juillard, Michel & Karam, Philippe & Laxton, Douglas & Pesenti, Paolo, 2006. "Welfare-based monetary policy rules in an estimated DSGE model of the US economy," Working Paper Series 0613, European Central Bank.
  5. Tim Callen & Warwick J. McKibbin & Nicoletta Batini, 2006. "The Global Impact of Demographic Change," IMF Working Papers 06/9, International Monetary Fund.
  6. Hamid Faruqee & Douglas Laxton & Dirk Muir & Paolo A. Pesenti, 2007. "Smooth Landing or Crash? Model-Based Scenarios of Global Current Account Rebalancing," NBER Chapters, in: G7 Current Account Imbalances: Sustainability and Adjustment, pages 377-456 National Bureau of Economic Research, Inc.
  7. Hamid Faruqee & Douglas Laxton & Bart Turtelboom & Peter Isard & Eswar Prasad, 1998. "Multimod Mark III," IMF Occasional Papers 164, International Monetary Fund.
  8. repec:tcd:wpaper:tep16 is not listed on IDEAS
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Cited by:
  1. Lorenzo Forni & Andrea Gerali & Massimiliano Pisani, 2009. "Macroeconomic effects of greater competition in the service sector: the case of Italy," Temi di discussione (Economic working papers) 706, Bank of Italy, Economic Research and International Relations Area.
  2. Dora M. Iakova & Dennis P. J. Botman, 2007. "Policy Challenges of Population Aging in Ireland," IMF Working Papers 07/247, International Monetary Fund.
  3. Laxton, Douglas & N'Diaye, Papa & Pesenti, Paolo, 2006. "Deflationary shocks and monetary rules: An open-economy scenario analysis," Journal of the Japanese and International Economies, Elsevier, vol. 20(4), pages 665-698, December.
  4. Manmohan S. Kumar & Dennis P. J. Botman, 2007. "Global Aging Pressures," IMF Working Papers 07/196, International Monetary Fund.
  5. Malhar Nabar, 2011. "Targets, Interest Rates, and Household Saving in Urban China," IMF Working Papers 11/223, International Monetary Fund.
  6. Dennis P. J. Botman & Stephan Danninger, 2007. "Tax Reform and Debt Sustainability in Germany," IMF Working Papers 07/46, International Monetary Fund.
  7. Massimiliano Pisani & Pietro Cova & Alessandro Rebucci, 2009. "Global Imbalances," IMF Working Papers 09/64, International Monetary Fund.
  8. Botman, Dennis & Edison, Hali & N'Diaye, Papa, 2009. "Strategies for fiscal consolidation in Japan," Japan and the World Economy, Elsevier, vol. 21(2), pages 151-160, March.

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