Structural change in Japan: macroeconomic impact and policy challenges
International Monetary Fund, 1998 - Business & Economics - 244 pages
This volume, by Bijan B. Aghevli, Tamim Bayoumi, and Guy Meredith, is based on a seminar on structural change in Japan held in early 1997 and chaired by the IMF's First Deputy Managing Director, Stanley Fischer. Discussion of teh day-to-day management of the standard levers of fiscal and monetary policy is interlinked with consideration for the more deep-seated structural issues. By shifting and destabilizing the underlying economic relationships and creating uncertainty, structural change complicates the task of policy analysis. This volume describes how the IMF is responding to these challenges and how outside experts assess this effect.
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adjustments aggregate demand aging population analysis assets balance Balassa-Samuelson effects Bank of Japan baseline Call rate capital central government coefficient countries current account debt deficit deflator discussed domestic Economic equation equity prices expenditures exports factors FDI flows FDI outflows FILP financial variables fiscal consolidation fiscal policy Foreign Direct Investment GDP deflator IMF staff estimates impact important included increase indicators industrial inflation initial budget International Monetary Fund issue Japanese FDI lagged long-run M2+CDs macroeconomic measures medium-term Ministry of Finance Ml first difference monetary aggregates monetary policy MULTIMOD nominal output overall Paper pension percent of GDP percentage point period projections rate first difference ratio real exchange rate real GDP real interest rate reform regression revenues role sector significant simulation special accounts spending stock of FDI Structural Change surplus target Ten-year rate tion trends trillion U.S. dollars underlying Yield curve spread