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The paper develops a unified general equilibrium model includingsavings with overlapping generations, investment and search unemploament. Long-run analytical results for the small open economy identify capital accumulation as a prime transmission channel. The effects of integration on...
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authority of Japan because it has accumulated the debt outstanding much more than other countries …The purpose of this paper is to analyze sustainability issues of Japan's fiscal policy and then to discuss the debt …
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The purpose of this paper is to analyze sustainability issues of Japan%u2019s fiscal policy and then to discuss the … authority of Japan because it has accumulated the debt outstanding much more than other countries …
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a large extent. But in Germany, wages have increased below this norm or even decreased, and in Japan this effect has … been even more extreme. Overall, while Japan and Germany have suffered from dysfunctional economic regimes leading to low …
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