Toshihiko Fukui

As the new endogenous growth theory suggests, TFP growth is closely related to accumulation of the intangible capitals, such as human capital and research and development. ↗

— Toshihiko Fukui

#capitals #closely #development #growth #human

During the past two decades, inflation has fallen to a low level in major industrial countries. ↗

— Toshihiko Fukui

#decades #during #fallen #industrial #inflation

However, in spite of the general perception that monetary policy should be conducted so as to avert deflation, a central bank cannot lower interest rates below the zero lower bound. ↗

— Toshihiko Fukui

#bank #below #bound #cannot #central

In this context, the current recovery in the Japanese economy is taking place in tandem with the growing interdependence with the rest of the world, particularly with the other East Asian economies. ↗

— Toshihiko Fukui

#context #current #east #east asian #economies

Japan's experience suggests the importance of assessing the sustainability of price stability over a fairly long period, which many central banks have emphasized in recent years. ↗

— Toshihiko Fukui

#banks #central #emphasized #experience #fairly

The aging and declining population will have far-reaching impacts. Declining fertility rates will possibly increase immigration. The structure of family and society will inevitably change. ↗

— Toshihiko Fukui

#change #declining #family #far-reaching #fertility

The increased global linkages promote economic growth in the world through two key mechanisms: the division of labor and the international spillovers of knowledge. ↗

— Toshihiko Fukui

#economic #economic growth #global #growth #increased

The standard growth theory tells us that economic growth in per capita basis comes from mainly two sources: capital deepening and total factor productivity growth, or TFP growth. ↗

— Toshihiko Fukui

#capita #capital #comes #deepening #economic

They emphasize the viewpoint that the protracted economic stagnation in Japan derives from incomplete economic adjustments to significant changes in relative prices. ↗

— Toshihiko Fukui

#derives #economic #economic stagnation #emphasize #incomplete

With weak balance sheets, banks tend to continue lending unprofitable businesses and leave them existing. ↗

— Toshihiko Fukui

#balance sheets #banks #businesses #continue #existing