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Date: Tue, 13 Mar 2001 16:31:59 -0500
To: kurose@xxxxxxxxxxxxxxxxxxx
From: Basil Moore <bjm@xxxxxxxxxxxxxxxx>
Subject: Fwd: Re: New York Times on Japan
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Kazuhiro
I am attaching a paper on the "Japanese Paradox" - why very low (zero)
interest rates have failed to stimulate AD.
I will be giving this paper at a Conference next week in Ft. Lauderdale.
Any comments you may be able to give me before Friday, when I leave, would
be greatly appreciated.
I am very aware that I do not have any real understanding of the Japanese
economy. In particular, why have land prices been falling for the past 10
years? Is it not possible to sell land short?
Basil Moore
>From: "Kazuhiro Kurose" <kurose@xxxxxxxxxxxxxxxxxxxxxx>
>To: <pkt@xxxxxxxxxxxxxxxx>
>Subject: Re: New York Times on Japan
>Date: Tue, 13 Mar 2001 11:26:33 +0900
>X-Mailer: Microsoft Outlook Express 5.50.4133.2400
>Sender: pkt-owner@xxxxxxxxxxxxxxxx
>Reply-To: pkt@xxxxxxxxxxxxxxxx
>
>I think that I must comment on the article as Japanese participant of this
>mailing list.
>
>I think that, judging from my actual life in Japan, current deflation in
>Japan is bad. Of course, there are good factors
>due to intensive global competition, and technical improvement like
>Uniqlo. However, I think that these factors could
>occupy only very small share in the factors to account for falling price
>level. Almost of statesman and bureaucrats know
>only American mainstream economics. Many bureaucrats, especially at
>Ministry of finance, get a PhD degree at famous
>university in America. And they have studies only supply-side economics.
>Therefore, they can't realize the importance of
>the lack of effective demand. They always tend to account for a
>circumstances from supply side perspective. I think that
>since private consumption hasn't recovered yet, Japan has the lack in
>effective demand, and then adequate fiscal policy
>is needed. However, the statesman and bureaucrats, who believe that only
>American mainstream economics is true, insist
>that structural reformation is needed, and our bad fiscal balance must be
>also reformed. The more radical insists that
>fiscal policy should not be conducted as the countercyclical policy.
>Even in bureaucrats who believe American mainstream economics, some think
>the term of "deflation" has bad image,
>although current falling price level is good. So some begin to insist that
>the definition of deflation should be
>changed. This isn't a joke!
>
>Furthermore, I can't agree with the opinion that "Japan needs more
>deflation as a form of shock therapy". Although NY
>times said, "the question is whether Japan can tolerant the pain of
>waiting patiently for such benefits of deflation to
>appear", I think that almost Japanese can't tolerant such pain any more. I
>think that Japanese did tolerant patiently
>during low (especially zero)interest rate policy.
>
>It is the time that we must realize the importance of effective demand.
>Have Almost people forgot the importance of
>effective demand???
>
> **************************************
> Kazuhiro Kurose
> Graduate School of Economics and Business
> Administration, Hokkaido University
> Kita 9 Nishi 7, Kita-Ku, Sapporo, Japan
> 060-0809
> TEL: +81-11-716-2111 ex:2786
> **************************************
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