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Innovation is key to boosting economic growth in the face of a rapidly ageing population. While Japan spends heavily on …
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With gross government debt of 226% of GDP, Japan’s fiscal situation is in uncharted territory and puts the economy at … risk. Japan needs a detailed and credible fiscal consolidation plan, including specific revenue increases and measures to …
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In this paper, I examine the effects of a countercyclical fiscal policy that gave firms additional tax refunds -- additional liquidity -- at the end of the past two recessions. I take advantage of a discontinuity in the slope of the tax refund formula to estimate the policy's impact. I find that...
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