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Business and Economics > Finance: General

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Cover IMF Working Papers
Wage-Price Dynamics and Structural Reforms in Japan
Davide Porcellacchia
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.
Keywords:
WP; liquidity trap; labor market; nominal interest rate; price level; real wage; Abenomics; corporate governance; inflation; Japan; labor-market duality; structural reforms; wage-price dynamics; single open-ended contract; market power; cash holding; Phillips curve; Zero lower bound; Labor markets; Liquidity; Global
Cover IMF Working Papers
Working Paper Summaries (WP/93/55 - WP/93/95)
International Monetary Fund
This compilation of summaries of Working Papers released during July-December 1993 is being issued as a part of the Working Paper series. It is designed to provide the reader with an overview of the research work performed by the staff during the period. Authors of Working Papers are normally staff members of the Fund or consultants, although on occasion outside authors may collaborate with a staff member in writing a paper. The views expressed in the Working Papers or their summaries are, however, those of the authors and should not necessarily be interpreted as representing the views of the Fund. Copies of individual Working Papers and information on subscriptions to the annual series of Working Papers may be obtained from IMF Publication Services, International Monetary Fund, 700 19th Street N.W., Washington, D.C. 20431. Telephone: (202) 623-7430 Telefax: (202) 623-7201
Keywords:
WP; structural unemployment rate equation; market; growth; cost; debt; collection lag; budget proposal; asset inflation; foreign exchange guarantee; capital mobility; Defense spending; Real exchange rates; Exchange rates; Price controls; Private investment; Global; Sub-Saharan Africa; Eastern Europe; Western Hemisphere