Format du dépôt |
Fichier |
Type de dépôt |
Pré-publication, Document de travail |
Titre |
en
Monetary, fiscal and demographic interactions in Japan: impact and a comparative assessment
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Résumé |
en
Macroeconomic models used to downplay demographic and fiscal factors. For Japan, narratives suggest that its experience is unlike that of other large economies persisted. I revisit how demographic and fiscal shocks impact Japan, the Euro Area and the US since 1990. Several models and methodologies are used to investigate macro-financial factors, including demographic and fiscal variables. Many, but not all, of the shocks examined have comparable impact across all three economies considered. This is true for monetary policy and the response of global inflation to ageing and demographic shocks. The response of real economic activity to several of the shocks considered is also comparable. Perhaps most notably, demographic and fiscal factors have significant real economic impact although the size of the response does differ across the three economies examined. Japan may not be like other systemically important economies in all respects but it does offer lessons for other large economies.
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Auteur(s)
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1
WLU -
Wilfrid Laurier University
( 7609 )
- 75 University Avenue West, Waterloo, Ontario
- Canada
2
Balsillie School of International Affairs
( 1124807 )
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Langue du document |
Anglais
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Date de production/écriture |
2022-07-31
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Licence |
Paternité - Pas d'utilisation commerciale - Partage selon les Conditions Initiales
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Commentaire |
Domaine(s) |
-
Sciences de l'Homme et Société
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Sciences de l'Homme et Société/Economies et finances
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Mots-clés (JEL) |
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E - Macroeconomics and Monetary Economics/E.E3 - Prices, Business Fluctuations, and Cycles/E.E3.E31 - Price Level • Inflation • Deflation
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E - Macroeconomics and Monetary Economics/E.E3 - Prices, Business Fluctuations, and Cycles/E.E3.E37 - Forecasting and Simulation: Models and Applications
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E - Macroeconomics and Monetary Economics/E.E4 - Money and Interest Rates/E.E4.E44 - Financial Markets and the Macroeconomy
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E - Macroeconomics and Monetary Economics/E.E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit/E.E5.E58 - Central Banks and Their Policies
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E - Macroeconomics and Monetary Economics/E.E6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook/E.E6.E62 - Fiscal Policy
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E - Macroeconomics and Monetary Economics/E.E6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook/E.E6.E63 - Comparative or Joint Analysis of Fiscal and Monetary Policy • Stabilization • Treasury Policy
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J - Labor and Demographic Economics/J.J1 - Demographic Economics/J.J1.J11 - Demographic Trends, Macroeconomic Effects, and Forecasts
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Financement |
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Fondation France-Japon de l'EHESS
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Banque de France
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Mots-clés |
en
Japan, monetary and fiscal policy, Eurozone, USA, demographic and global factors, panel VAR, local projections JEL classifications: E31
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