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Book Cover
E-book
Author Han, Fei, author

Title Demographics and the Natural Rate of Interest in Japan / Mr. Fei Han
Published [Washington, D.C.] : International Monetary Fund, [2019]
©2019

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Description 1 online resource
Series IMF Working Paper ; WP/19/31
IMF working paper ; WP/19/31.
Summary Japan's aging and shrinking population could lower the natural rate of interest and, together with low inflation expectations, challenge the Bank of Japan's efforts to reflate the economy. This paper uses a semi-structural model to estimate the impact of demographics on the natural rate in Japan. We find that demographic change has a significantly negative impact on the natural rate by lowering trend potential growth. We also find that the negative impact has been increasing over time amid stronger demographic headwinds. These findings highlight the importance of boosting potential growth to offset the negative demographic impact and lift the natural rate in Japan
Notes Online resource; title from PDF title page (IMF, viewed August 21, 2020)
Subject Age distribution (Demography) -- Economic aspects -- Japan
Aging -- Economic aspects -- Japan
Interest rates -- Japan
Age distribution (Demography) -- Economic aspects
Aging -- Economic aspects
Interest rates
Population -- Economic aspects
SUBJECT Japan -- Population -- Economic aspects
Subject Japan
Form Electronic book
Author International Monetary Fund, issuing body.
ISBN 1498301207
9781498301206