With employment rising as Japan’s economy moves toward realizing potential output, monetary stimulus will create inflationary pressures and public expenditure will yield sharply diminishing returns. At that point, significant growth can be achieved only by increasing the economy’s real productive capacity.
但安倍经济学的前两支箭很快就将形成强弩之末之势。随着日本经济回归潜在产出，就业也在增长，与此同时，货币刺激将形成通胀压力，公共支出回报将急剧下降。到那时，只有通过增加经济的实际生产力才能实现漂亮的增长。