HKS Affiliated Authors


Betting on the Tortoise in Japan. Jeffrey Frankel, September 12, 2013, Opinion. "In April 2014, Japan’s consumption-tax rate is set to rise from 5% to 8% in an effort to address the long-term problem of high public debt. But will the resulting loss in purchasing power bring an end to the Japanese economy’s fragile recovery, as many fear? CommentsView/Create comment on this paragraphThe question is reminiscent of April 1997. Larry Summers, who was then Deputy Secretary of the United States Treasury, repeatedly warned the Japanese government that if it proceeded with a scheduled consumption-tax hike, Japan’s economy would slide..." Link verified March 28, 2014