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4.0 out of 5 stars Keynes is alive and well and living in Japan, October 11, 2001
This review is from: Restoring Japan's Economic Growth (Policy Analyses in International Economics) (Paperback)
This is an excellent little book. Posen, an increasingly influential monetary economist, gives us his view on what is wrong and what needs to be done in Japan. While this effort was published in late 1998, the diagnosis and medication prescribed are the same now as then.
In Posen's view, all but one of the economic stimulus packages unveiled in the 1990s was equivalent to pouring money down the drain. Government money either wasn't spent at all because regional and municipal governments are bust or money was thrust at wasteful construction industries which add nothing to GDP. Also, monetary policymakers have decided that their new independence means they should do exactly the opposite to what everyone outside the BOJ thinks they should do. So policy is in a state of paralysis.
Posen argues that Japan needs aggressive stimulus, both through fiscal and monetary policy channels. In his view, there is nothing terribly wrong with Japan - a very different view from consensus. He also shows that BOJ fears of igniting inflation if they loosen monetary policy aggressively are complete nonsense.
This isn't a happy read for amateurs. It's quite in depth and needs some knowledge of the dismal science. It's very mainstream or Keynesian, just in case you were wondering. But it's a good read nonetheless.
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5.0 out of 5 stars Five Stars, July 6, 2014
This review is from: Restoring Japan's Economic Growth (Policy Analyses in International Economics) (Paperback)
great
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Restoring Japan's Economic Growth (Policy Analyses in International Economics)
Restoring Japan's Economic Growth (Policy Analyses in International Economics) by Adam Simon Posen (Paperback - September 1, 1998)
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