It’s Baaack, Twenty Years Later

Paul Krugman.

The background: In the late 1990s some U.S.-based economists began to grow disturbed about the economic troubles facing Japan. The source of our unease wasn’t, to be honest, mainly concern for Japan per se, or even about the impact of Japanese troubles on the global economy. What bothered us, instead, was the sense that our intellectual framework was falling down on the job; that Japan’s stagnation and slide into deflation called into question the monetary policy orthodoxy of the day, which basically asserted that central bankers could always head off deflation and get unemployment down to the NAIRU.


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