IDEAS home Printed from
   My bibliography  Save this paper

Economic Growth And Reform: Lessons From The United States And Japan


  • Hubbard, R. Glenn

    (U. S. Council of Economic Advisers)


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.

Suggested Citation

  • Hubbard, R. Glenn, 2002. "Economic Growth And Reform: Lessons From The United States And Japan," EIJS Working Paper Series 163, Stockholm School of Economics, The European Institute of Japanese Studies, revised 12 Jan 2004.
  • Handle: RePEc:hhs:eijswp:0163

    Download full text from publisher

    File URL:
    Download Restriction: no

    References listed on IDEAS

    1. Blomstrom, Magnus & Kokko, Ari, 1998. " Multinational Corporations and Spillovers," Journal of Economic Surveys, Wiley Blackwell, vol. 12(3), pages 247-277, July.
    2. Sanjaya Lall, 1998. "Technological capabilities in emerging Asia," Oxford Development Studies, Taylor & Francis Journals, vol. 26(2), pages 213-243.
    Full references (including those not matched with items on IDEAS)

    More about this item


    The Japanese economy; economic crisis; macroeconomics;

    JEL classification:

    • E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General
    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
    • E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)
    • P52 - Economic Systems - - Comparative Economic Systems - - - Comparative Studies of Particular Economies


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hhs:eijswp:0163. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Nanhee Lee). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.