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Japan's Economics: Abenomics from the Front and Rearview Mirrors
Murphy, Daniel; Yemen, Gerry Case GEM-0150 / Published October 17, 2017 / 15 pages.
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Product Overview

This case uses Japan's low-growth episodes since the 1990s to analyze economic policy in an environment featuring excess capacity, near-zero interest rates, and low inflation. The case discusses the rationale behind "Abenomics" - Prime Minister Shinz? Abe's three-pronged approach to stimulating Japan's economy. Haruhiko Kuroda, the governor of the Bank of Japan, is tasked with making the case to stick with Abenomics after five years under the policy. Were the three prongs of policy changes on course or was one or more of the prongs failing to reenergize growth? The answer would be especially topical during the upcoming general election, which many viewed as a referendum on Abe's economic policies.

Learning Objectives

Examine the determinants of economic growth, including production factors (technology, labor, capital) and aggregate demand factors; evaluate the effects Abenomics - fiscal policy, monetary policy, and structural reforms - on Japan's recovery from the Great Recession; illustrate the challenges faced by monetary authorities in a low-interest-rate environment; illustrate the challenges faced by fiscal authorities in the face of high public debt levels.

  • Overview

    This case uses Japan's low-growth episodes since the 1990s to analyze economic policy in an environment featuring excess capacity, near-zero interest rates, and low inflation. The case discusses the rationale behind "Abenomics" - Prime Minister Shinz? Abe's three-pronged approach to stimulating Japan's economy. Haruhiko Kuroda, the governor of the Bank of Japan, is tasked with making the case to stick with Abenomics after five years under the policy. Were the three prongs of policy changes on course or was one or more of the prongs failing to reenergize growth? The answer would be especially topical during the upcoming general election, which many viewed as a referendum on Abe's economic policies.

  • Learning Objectives

    Learning Objectives

    Examine the determinants of economic growth, including production factors (technology, labor, capital) and aggregate demand factors; evaluate the effects Abenomics - fiscal policy, monetary policy, and structural reforms - on Japan's recovery from the Great Recession; illustrate the challenges faced by monetary authorities in a low-interest-rate environment; illustrate the challenges faced by fiscal authorities in the face of high public debt levels.