Wage Price Dynamics And Structural Reforms In Japan
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Wage-Price Dynamics and Structural Reforms in Japan
Author | : Davide Porcellacchia |
Publisher | : International Monetary Fund |
Total Pages | : 26 |
Release | : 2016-02-10 |
Genre | : Business & Economics |
ISBN | : 1498316638 |
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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.
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