This paper evaluates the first two arrows of Abenomics. The first arrow, aggressive monetary policy, was successful in lifting the Japanese economy out of deflation, although the 2% inflation target was not achieved. The real economy and financial markets recovered strongly. Unconventional monetary policy was successful through the channels of the yen and stock prices. The second arrow, “flexible” fiscal policy, can be interpreted as an enhanced counter-cyclical policy, that is, to stimulate when needed, but tighten when possible. The first fiscal supplementary budget of February 2013 was a powerful boost to the economy. For fiscal consolidation, the consumption tax rate was hiked from 5% to 10% in two installments in April 2014 and October 2019. This helped to shrink the deficits. With strong macroeconomic performances, Shinzo Abe established a record as the longest-serving prime minister in Japanese history.

中文翻译：

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安倍经济学评估：演进与成就

本文评估了安倍经济学的前两个箭头。第一支箭，积极的货币政策，成功地使日本经济摆脱了通缩，尽管 2% 的通胀目标没有实现。实体经济和金融市场强劲复苏。非常规货币政策通过日元和股票价格的渠道获得成功。第二支箭，“灵活”的财政政策，可以理解为增强型逆周期政策，即需要时刺激，可能时收紧。2013 年 2 月的第一次财政补充预算有力地提振了经济。在财政整顿方面，2014 年 4 月和 2019 年 10 月分两期将消费税税率从 5%上调至 10%，帮助收紧赤字。凭借强劲的宏观经济表现，