What Olivier Blanchard thinks about Japan

@olivier-blanchard · 24 positions · 1 change of mind · On ppll ↗

Economist; former chief economist of the International Monetary Fund.

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Only Olivier Blanchard on Japan. See everyone on Japan

1 dated position, 2022, in their own words. Our reading of what Olivier Blanchard has said — not written or endorsed by them.

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1. 1 Jun 2022

   Our readingJudging by output kept near potential despite weak private demand, Japan's decades of high debt and low inflation reflect a qualified policy success, not failure.

   inflationinterest rates

   Their wordsJapanese macroeconomic policy is often characterized as a failure, with the central bank unable to achieve its inflation target, a low growth rate, and debt ratios steadily rising to reach more than 170% for net debt and 250% for gross debt. I think it should be seen instead as a qualified success, with the use of aggressive fiscal and monetary policies to compensate for very weak private demand: Output has remained close to potential.

   ↗Fiscal Policy under Low Interest Ratesdirect.mit.edu All 22 from this book