Meanwhile, I’m one of those who worries about secular stagnation — persistently weak spending, making episodes in which monetary policy can’t achieve full employment even with zero interest rates much more likely. Several factors contribute to this risk, but probably the most important is demography: a sharp slowdown in the growth of the working-age population, which means less incentive to invest in structures, factories, and more. (The demographic issue is why Japan, with low fertility and great hostility to immigration, entered a zero-rate regime a decade before the rest of us.)

And what would make secular stagnation more of a problem? Hey, let’s expel hundreds of thousands of young people from the current and future work force.



そして、長期停滞の問題を大きくしてしまうのはどのようなことか? 何十万という若い人を現在ならびに将来の労働力人口から追い出してしまうことである。

上記はブログ記事の一節だが、NYT論説でも同様のことを書いている(H/T Economist’s View)。

It’s not an accident that Japan, which has low fertility and is deeply hostile to immigration, began experiencing persistent deflation and stagnation a decade before the rest of the world. Destroying DACA makes America more like Japan. Why would we want to do that?



トラックバック - http://d.hatena.ne.jp/himaginary/20170911/DACA_and_Japan