Lars Christensen teaches me some interesting things about Japan and deflation in Did Japan have a “productivity norm”?
https://marketmonetarist.com/2012/01/07/did-japan-have-a-productivity-norm/#comment-79712
is no such thing as fiscal policy – and that goes for Japan as well Japan shows that QE works Did Japan have a “productivity norm”? Japan’s deflation story is not really a horror
https://marketmonetarist.com/2012/01/07/did-japan-have-a-productivity-norm/#comment-10357
shows that QE works Did Japan have a “productivity norm”? There is no such thing as fiscal policy – and that goes for Japan as well Friedman’s Japanese
https://marketmonetarist.com/2012/01/07/did-japan-have-a-productivity-norm/#comment-8795
prices. In that sense my suggestion would have been a Malaysian version of George Selgin’s “productivity norm” – or rather a “export price norm” (maybe we should call PEP that in the...
https://marketmonetarist.com/2012/01/07/did-japan-have-a-productivity-norm/#comment-8133
have written a number of comments on Japan (see here, here and
https://marketmonetarist.com/2012/01/07/did-japan-have-a-productivity-norm/#comment-2413
a couple of posts (see here and here) I have argued that the Japanese deflation story is more complicated than both economists and
https://marketmonetarist.com/2012/01/07/did-japan-have-a-productivity-norm/#comment-2131
Lars, this new post by Krugman reminded me of your post, in particular the one from December that you link to above. Note how GDP is adjusted by worker, therefore standardizing for demographics. ...
https://marketmonetarist.com/2012/01/07/did-japan-have-a-productivity-norm/#comment-2124
BC, I completely agree - QE without targeting is not a very good idea and that has certainly been a problem in Japan. Furthermore, Bank of Japan has failed to reintroduce QE and as a result is ba...
https://marketmonetarist.com/2012/01/07/did-japan-have-a-productivity-norm/#comment-2108
Lars--The Japanese have high living standards due to their excellent culture. Crime is low, and they spend almost nothing on national defense and only four percent of GDP on healthcare. This free...
https://marketmonetarist.com/2012/01/07/did-japan-have-a-productivity-norm/#comment-2106
BC, it obviously correct that Bank of Japan has failed, but the period that the BoJ did QE it actually worked - and demand deflation disappeared and growth returned. But yes BoJ has failed - the ...
https://marketmonetarist.com/2012/01/07/did-japan-have-a-productivity-norm/#comment-2085