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Recent Posts

Make Japan Chaste and Continent, But Not Yet – NYTimes.com

Look, maybe Japan can sustain growth in the face of this tax increase. But maybe not. Why not wait until growth is firmly established, and in particular until expected deflation has been solidly replaced with expected [...]

Missing Deflation – NYTimes.com

Inflation has stayed very subdued; but coming in to the crisis I certainly thought that actual Japanese -style deflation was a real possibility. That hasn't materialized (and for that matter, even Japan never had more than very … [...]