{
  "title": "How Inclusive Is Abenomics?",
  "publication": "IMF Working Papers, March 13, 2015",
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  "summary": "We assess the ongoing reform efforts in Japan in terms of inclusive growth. We use prefectural level panel data to regress a measure of inclusive growth, which incorporates both average income growth and income inequality, on macroeconomic and policy variables.",
  "sections": [
    {
      "heading": "Summary and main findings",
      "content": "- The paper assesses the ongoing reform efforts in Japan in terms of inclusive growth.\n- Uses prefectural level panel data to regress a measure of inclusive growth, which incorporates both average income growth and income inequality, on macroeconomic and policy variables.\n- Achieving the Bank of Japan’s 2 percent inflation target has a positive effect on average income growth, but an adverse effect on income equality.\n- The package of structural reforms planned under Abenomics is found to be effective in increasing both average income growth and income equality.\n- The main policy implication: full implementation of structural reforms– especially labor market reforms–is necessary to both foster growth and increase equality."
    },
    {
      "heading": "Methodology",
      "content": "- Data: prefectural level panel data.\n- Empirical approach: regress a measure of inclusive growth (incorporating average income growth and income inequality) on macroeconomic and policy variables."
    },
    {
      "heading": "Policy recommendations and implications",
      "content": "- Full implementation of structural reforms under Abenomics is necessary.\n- Emphasis on labor market reforms as particularly important to foster growth and increase equality.\n- Recognition of a trade-off: policies (such as achieving a 2 percent inflation target) can raise average income growth while adversely affecting income equality, suggesting complementary reforms are needed.\n\n---\n\n Content in this bundle\n\n- wp1554\n  - wp1554 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wp1554 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/how-inclusive-is-abenomics-42784"
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    "Authors: Chie Aoyagi, Giovanni Ganelli, Kentaro Murayama",
    "Published: March 13, 2015",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781498327312.001",
    "The paper assesses the ongoing reform efforts in Japan in terms of inclusive growth.",
    "Uses prefectural level panel data to regress a measure of inclusive growth, which incorporates both average income growth and income inequality, on macroeconomic and policy variables.",
    "Achieving the Bank of Japan’s 2 percent inflation target has a positive effect on average income growth, but an adverse effect on income equality.",
    "The package of structural reforms planned under Abenomics is found to be effective in increasing both average income growth and income equality.",
    "The main policy implication: full implementation of structural reforms– especially labor market reforms–is necessary to both foster growth and increase equality.",
    "Data: prefectural level panel data.",
    "Empirical approach: regress a measure of inclusive growth (incorporating average income growth and income inequality) on macroeconomic and policy variables.",
    "Full implementation of structural reforms under Abenomics is necessary.",
    "Emphasis on labor market reforms as particularly important to foster growth and increase equality.",
    "Recognition of a trade-off: policies (such as achieving a 2 percent inflation target) can raise average income growth while adversely affecting income equality, suggesting complementary reforms are needed.",
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