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"Economic growth, inflation, and interest rates have declined in Asia. Sustaining Economic Growth in Asia explores the relevance to several Asian economies of the diagnosis known as "secular stagnation." Leading experts discuss the fiscal and monetary policy challenges of reviving growth without generating domestic financial imbalances. The essays on innovation, demographics, spillovers, and various policy proposals are accompanied by case studies focusing on Japan, South Korea, China, India, and Indonesia"--
Economic development --- Business cycles --- Stagnation (Economics) --- Asia --- Economic conditions --- E-books --- Economic stagnation --- Stationary state (Economics) --- Steady-state economics --- Economics --- Economic cycles --- Economic fluctuations --- Cycles --- Development, Economic --- Economic growth --- Growth, Economic --- Economic policy --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Asian and Pacific Council countries --- Eastern Hemisphere --- Eurasia --- Economic conditions. Economic development
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The effects of supply-side policies in depressed economies are controversial. We shed light on this debate using evidence from France in the 1930s. In 1936, France departed from the gold standard and implemented mandatory wage increases and hours restrictions. Deflation ended but output stagnated. We present time-series and cross-sectional evidence that these supply-side policies, in particular the 40-hour law, contributed to French stagflation. These results are inconsistent both with the standard one-sector new Keynesian model and with a medium scale, multi-sector model calibrated to match our cross-sectional estimates. We conclude that the new Keynesian model is a poor guide to the effects of supply-side shocks in depressed economies.
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