The relative lack of inflation in Japan doesn't mean real wages haven't fallen.
Taiki Murai
Taiki Murai is research assistant at the Institute for Economic Policy of Leipzig University.
Latest work
Milton Friedman (1963) argued that “inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in...
Do the low inflation rates mean that the purchasing power of Japanese and Swiss citizens has increased relative to other countries over time? The answer seems to be no.
