Showing 1 - 10 of 20
Japan's high corporate savings might be holding back growth. We focus on the causes and consequences of the current … corporate behavior and suggest options for reform. In particular, Japan's weak corporate governance - as measured by available … comprehensive corporate governance reform should be a key component of Japan's growth strategy …
Persistent link: https://www.econbiz.de/10013048363
We use a Global VAR model to study spillovers from the Bank of Japan's quantitative and qualitative easing (QQE) on …
Persistent link: https://www.econbiz.de/10012977736
Using a DSGE model calibrated to the euro area, we analyze the international effects of afiscal devaluation (FD) implemented as a revenue-neutral shift from employer's socialcontributions to the Value Added Tax. We find that a FD in 'Southern European countries' has a strong positive effect on...
Persistent link: https://www.econbiz.de/10013040409
In the aftermath of the global financial crisis, the state of macroeconomic modeling and the use of macroeconomic models in policy analysis has come under heavy criticism. Macroeconomists in academia and policy institutions have been blamed for relying too much on a particular class of...
Persistent link: https://www.econbiz.de/10011083870
The New-Keynesian Approach to Understanding the Economy -- Michael Woodford’s Contributions to Monetary Economics -- The New-Keynesian Approach to Monetary Policy Analysis: Lessons and New Directions -- The New-Keynesian Approach in Forecasting and Monetary Policy Design -- The Case for...
Persistent link: https://www.econbiz.de/10013521306
In the aftermath of the global financial crisis and great recession, many countries face substantial deficits and growing debts. In the United States, federal government outlays as a ratio to GDP rose substantially from about 19.5 percent before the crisis to over 24 percent after the crisis. In...
Persistent link: https://www.econbiz.de/10011083793
Renewed interest in fiscal policy has increased the use of quantitative models to evaluate policy. Because of modeling uncertainty, it is essential that policy evaluations be robust to alternative assumptions. We find that models currently being used in practice to evaluate fiscal policy...
Persistent link: https://www.econbiz.de/10004961429
The global financial crisis has lead to a renewed interest in discretionary fiscal stimulus. Advocates of discretionary measures emphasize that government spending can stimulate additional private spending --- the so-called Keynesian multiplier effect. Thus, we investigate whether the...
Persistent link: https://www.econbiz.de/10004964423
Japan. Our main result is that stepping up minimum wage growth from 2 to the planned 3 percent per year could raise wage … growth by 0.5 percent annually. Given Japan's need for income policies to generate vigorous wage-price dynanics, reflecting …
Persistent link: https://www.econbiz.de/10012965071
This paper argues that Japan's excessive labor market duality can reduce Total Factor Productivity (TFP) due to a … employment protection between regular and non-regular workers would substantially reduce labor market duality in Japan. One …
Persistent link: https://www.econbiz.de/10013073781