The Great Recession: Lessons for Macroeconomic Policy from Japan
- 1 January 2001
- journal article
- research article
- Published by Project MUSE in Brookings Papers on Economic Activity
- Vol. 2001 (2) , 93-185
- https://doi.org/10.1353/eca.2001.0019
Abstract
1 This interesting paper by Kenneth Kuttner and Adam Posen presents persuasive evidence that the Japanese economy reacts in the textbook way to monetary and fiscal policy, and that the weakness of the Japanese financial system is a drag on economic performance and the effectiveness of policy. The message is "to trust what you learned in intermediate macroeconomics class"-a conclusion with which I am bound to agree.Keywords
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