This paper studies how population aging affects macroeconomic performance and the effectiveness of macroeconomic policies. By using a new Keynesian dynamic stochastic general equilibrium model with heterogeneous households, we find that the effectiveness of monetary policy diminishes as...

The COVID-19 pandemic has had systemic macroeconomic impacts due to the different lockdowns and the induced shocks to both supply and demand. A global recession of a magnitude probably worse than the 2008 global financial crisis is already underway. Like every country in the world, the...

India's financial sector is not deeply integrated with the global financial system, which spared it the first round adverse effects of the global financial crisis and left Indian banks mostly unaffected. However, as the financial crisis morphed in to a full-blown global economic downturn, India...

With the revival of global economy, the issues of "exit policies" and rebalancing global growth have taken center stage in policy discussions. Since many emerging Asian economies presently have large current account surpluses, the issue of rebalancing has special significance for Asia. While...

Japan has suffered from sluggish economic growth and recession since the 1990s, a phenomenon dubbed "Japan's Lost Decade." The People's Republic of China, many countries in the eurozone, and the United States may face similar problems in future and they have been concerned by Japan's long-term...

Japan has suffered from sluggish economic growth and recession since the early 1990s. In this paper, we analyze the causes of the prolonged slowdown of the Japanese economy (the lost decade). Economics Nobel laureate Paul Krugman has argued that Japan's lost decade is an example of a liquidity...

This paper summarizes unprecedented adverse health and economic impacts as well as policy responses in the Asia and Pacific region and the rest of the world generated by the coronavirus disease (COVID-19) pandemic in 2020. By the end of 2020, over 80 million people had been infected, with...

The novel coronavirus disease, COVID-19, has brought significant change to people's lives and business activities nationally, regionally, and globally. The Philippines took swift action-including enhanced community quarantine (ECQ)-to contain the pandemic and launched an emergency subsidy...

This paper updates the analysis of the global macroeconomic consequences of the COVID-19 pandemic in earlier papers by the authors with data as of late October 2020. It also extends the focus to Asian economies and explores four alternative policy interventions that are coordinated across all...