Abenomics and Japan’s disastrous macro plans

Today's commentary
Summary: Abenomics has been very successful in goosing the Japanese economy thus far. However, the question remains whether this success will be short-lived or durable. I believe it is likely to be short-lived because of the policy constraints that all countries face irrespective of whether they have fiat currency.
In the past year or so, I have decided to be more explicit about what I believe what are largely political constraints. And I think this is important in Japan. Having worked both in a policy position and in finance and banking, I am well aware of the political constraints that impinge on what academic economists sometimes think of as purely economic debates. For example, you might hear a lot of econ people saying something about fiat currency and deficits as...


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