Why is Japan finding it so difficult to raise inflation to its 2 per cent target? Why has its monetary policy become so extreme? Why is Japan’s public debt so remarkably high? The answer is that the country shares challenges confronted by other high-income economies, but in extreme form. This does not mean its situation is disastrous. It means that conventional wisdom is misleading.
為什么日本發(fā)現(xiàn)要把通脹提高到2%的目標(biāo)水平如此困難？為什么它的貨幣政策變得如此極端？為什么日本的公共債務(wù)如此之高？答案是，該國面臨著跟其他高收入經(jīng)濟(jì)體一樣的挑戰(zhàn)，但它的挑戰(zhàn)以極端形式出現(xiàn)。這并不意味著日本的處境是災(zāi)難性的。這意味著傳統(tǒng)智慧具有誤導(dǎo)性。
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