Due to population aging, GDP growth per capita and GDP growth per working-age adult have become quite different among many advanced economies over the last several decades. Countries whose GDP growth per capita performance has been lackluster, like Japan, have done surprisingly well in terms of...

This paper studies the effectiveness of forward guidance when central banks have imperfect credibility. Exploiting unique survey-based measures of expected inflation, output growth, and interest rates, we estimate a small-scale New Keynesian model for the United States and other G7 countries...

This study examines the relationship between Japan's manufactured exports to individual markets and the economic activities of foreign manufacturing affiliates of Japanese multinational corporations (MNCs) and U.S. MNCs in those markets. First, the relationships between Japanese export levels...