The Over-Valued Yen and the Low-Pressure Economy Repressed Productivity in Japan
Bibliographic record
Abstract
In the post-war economy of Japan, the high-pressure economy as defined by Okun and Yellen maintained its real exchange rate relatively low and kept the economy mildly inflationary. Not only did it encourage short-term employment but it also fostered a long-term productivity trend as measured by its total factor productivity (TFP). International pressure for a stronger yen after the Plaza Accord, coupled with the restrictive monetary policy of the Bank of Japan, created a large exchange rate gap and accordingly, the extreme Japan-U.S. output price gap, referred to as the price level index (PLI), in 1995. It further caused the squeeze of domestic wages and led to the deflationary pressure that plagued the Japanese economy for decades. In our opinion, the exchange rate also depressed domestic capital accumulation caused by the internationally low nominal rate of return on capital and that situation caused the TFP stagnation in Japan.
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How this classification was reachedexpand
Full frame distilled prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. Learned from the 10,348 direct Codex labels and 10,348 direct Gemma labels. Candidate is the union of thresholded teacher heads; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels or direct frontier model labels.
Codex and Gemma teacher scores by category
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.002 | 0.000 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.000 | 0.000 |
| Science and technology studies | 0.000 | 0.000 |
| Scholarly communication | 0.000 | 0.000 |
| Open science | 0.000 | 0.000 |
| Research integrity | 0.000 | 0.000 |
| Insufficient payload (model declined to judge) | 0.000 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one teacher head, not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".