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Wage-Price Dynamics and Structural Reforms in Japan
Davide Porcellacchia
出版International Monetary Fund, 2016-02-10
主題Business & Economics / Labor / GeneralBusiness & Economics / Banks & BankingBusiness & Economics / Economics / Macroeconomics
ISBN14983177829781498317788
URLhttp://books.google.com.hk/books?id=Mg4ZEAAAQBAJ&hl=&source=gbs_api
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註釋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—play in generating unfavorable wage-price dynamics. The model allows a discussion of whether and in what form structural reforms may contribute to Japan’s short-run goal of reflating the economy. It finds that boosting inflation with structural reforms implies an unusual trade-off with employment, that is an inverted Phillips curve. Simultaneous implementation of labor-market and product-market reforms is most effective in terms of reflating the economy.