Structural reforms in the liquidity trap need not be deflationary. This paper develops a simple framework to study the … role that key characteristics of Japan's labor and product markets-labor-market duality and weak corporate governance … reforms may contribute to Japan's short-run goal of reflating the economy. It finds that boosting inflation with structural …

authority of Japan because it has accumulated the debt outstanding much more than other countries …The purpose of this paper is to analyze sustainability issues of Japan's fiscal policy and then to discuss the debt …

We study the effects of monetary and fiscal policies when both money and government bonds provide liquidity services … the supply of bonds. Those movements in government bond prices affect available liquidity, and therefore aggregate demand … interest rate on money. We conclude that in a liquidity-dependent world, fiscal and monetary policies are joined at the hip …

This book investigates the reasons for persistent public deficits and delayed fiscal reform in Japan, placing a special … emphasis on political economy aspects. Japan is confronted with the need to pursue fiscal discipline for fiscal consolidation …

Past government spending in Japan is currently imposing a significant fiscal burden that is reflected in a net debt to …