imbalance with only limited spillovers to the rest of the world. Specifically, faster productivity growth would help lower Japan …Japan is facing a sizable fiscal imbalance against a backdrop of weak trend growth and growing external imbalances in … the world economy. This paper examines the possible impact of fiscal adjustment and productivity-enhancing structural …

This paper investigates the role played by total factor productivity (TFP) in the tradable and nontradable sectors of … the United States, the euro area, and Japan in the emergence and evolution of today's global trade imbalances. Simulation … 1999, as well as account for some the surpluses in the euro area and Japan. Differences in TFP developments across sectors …

imbalance with only limited spillovers to the rest of the world. Specifically, faster productivity growth would help lower Japan …Japan is facing a sizable fiscal imbalance against a backdrop of weak trend growth and growing external imbalances in … the world economy. This paper examines the possible impact of fiscal adjustment and productivity-enhancing structural …