Overcoming the Lost Decades?: Abenomics after Three Years
评估安倍经济学实施三年后的效果，发现扩张性货币政策虽推高股价、压低日元并产生温和通胀，但对实际经济影响有限，净出口和消费反应弱于预期。
We review the recent performance of the Japanese economy under Abenomics, the set of economic policies begun by Prime Minister Shinzo -Abe in 2012. We find that in 2014, Abenomics, and in particular expansionary monetary policy, continued to weaken the yen and raise stock prices. It also continued to generate positive inflation, though neither actual nor expected inflation is yet 2 percent. The real effects of Abenomics have been modest. Performance would have been better if not for two puzzles: The response of net exports to the weak yen was small, and there is little evidence that expansionary monetary policy had large effects on consumption.