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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.

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Paper provided by The European Institute of Japanese Studies in its series EIJS Working Paper Series with number 163.

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Length: 14 pages
Date of creation: 01 Sep 2002
Date of revision: 12 Jan 2004
Handle: RePEc:hhs:eijswp:0163
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