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This paper reexamines some unsettled theoretical and empirical issues regarding the relationship between nominal exchange rates and interest rate differentials and provides a model for the behavior of exchange rates in the long run, where interest rates are determined in the bond market. The...
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, the United States, Germany, and Japan). We employ a dynamic small open economy business cycle model that incorporates a …
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and associated inflation expectations for the United States, Australia, Canada, France, Sweden, Japan, and the United …
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Japan''s key fiscal challenge is to put public finances on a more sustainable footing. This paper investigates the … macroeconomic implications of alternative fiscal strategies for Japan using the IMF''s Global Fiscal Model. The results suggest that …-term benefits compared with less front-loaded strategies; (iv) tax reform involving shifting from corporate taxation to consumption …
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Modifications to Japan''s monetary policy framework will be needed as positive inflation resumes because the current …
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This chapter focuses on IMF's technical assistance (TA) activities and describes Japan Administered Account for … IMF resources for technical assistance. Japan also provides financial support for a scholarship program for qualified …
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