| Publication |
2008.
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| Summary/Abstract |
Unlike the long slump Japan experienced in the 1990s, which was due to domestic causes, the economy's current problems are due almost entirely to exogenous factors. A supply-side shock may result in stagflation, to which macroeconomic fiscal and monetary policies will be powerless to provide a solution; the only practical response will be technological innovation. Japan should channel efforts into developing technologies that oil-producing nations will require over the long term
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