Add to ORKGWe argue that financing method that sustained the Japanese bubble of the eighties was simultaneously responsible for a disinflationary tendency in the economy. In a theoretical model we show that procyclical financing of non-produced assets introduces a deflationary tendency to the rest of the economy. It is this contradictory nature of the system that puzzled both observers as well as the authorities in the eighties and early nineties. JEL Classification: E10; E31; E5
In the late 1980s, Japan’s economy embarked on a period of rapid escalation in the prices of shares ...
This paper discusses the backgrounds for the stagnant behavior of the Japanese economy during the la...
Beginning in the 1970s with the emergence of Japan as America’s foremost industrial competitor, dema...
We show that pro-cyclical financing of non-produced assets can introduce a disinflationary tendency ...
There will be no great opposition, among Japanese people, to the assertion that the problem of non-p...
During the course of the 1980s three major 'anomalies' were observed in a number of countries, inclu...
In the 1980s, Japan's economy posted strong economic growth, in stark contrast to the more pedestri...
Did monetary ease in the 1980s cause Japan's bubble, as is often suggested? Drawing on both a new cr...
Japan’s economy experienced prolonged recession which had never been observed before. This paper foc...
Japan's macroeconomic problem has yet to be properly diagnosed. Throughout the 1990s, policy makers ...
Towards a New Monetary Paradigm: A Quantity Theorem of Disaggregated Credit, with Evidence from Japa...
Since the 1950s, Japan's stock market has gone into bubbles every ten years or so (early 50s, e...
This paper comprises two parts. In the first part, we discuss why the deflation rate that persists i...
Japan has experienced a prolonged stagnation since bursting the asset market bubble early in the 199...
The authors gratefully acknowledge helpful comments by Michael Mussa and Marc Olivier Strauss-Kahn o...
In the late 1980s, Japan’s economy embarked on a period of rapid escalation in the prices of shares ...
This paper discusses the backgrounds for the stagnant behavior of the Japanese economy during the la...
Beginning in the 1970s with the emergence of Japan as America’s foremost industrial competitor, dema...
We show that pro-cyclical financing of non-produced assets can introduce a disinflationary tendency ...
There will be no great opposition, among Japanese people, to the assertion that the problem of non-p...
During the course of the 1980s three major 'anomalies' were observed in a number of countries, inclu...
In the 1980s, Japan's economy posted strong economic growth, in stark contrast to the more pedestri...
Did monetary ease in the 1980s cause Japan's bubble, as is often suggested? Drawing on both a new cr...
Japan’s economy experienced prolonged recession which had never been observed before. This paper foc...
Japan's macroeconomic problem has yet to be properly diagnosed. Throughout the 1990s, policy makers ...
Towards a New Monetary Paradigm: A Quantity Theorem of Disaggregated Credit, with Evidence from Japa...
Since the 1950s, Japan's stock market has gone into bubbles every ten years or so (early 50s, e...
This paper comprises two parts. In the first part, we discuss why the deflation rate that persists i...
Japan has experienced a prolonged stagnation since bursting the asset market bubble early in the 199...
The authors gratefully acknowledge helpful comments by Michael Mussa and Marc Olivier Strauss-Kahn o...
In the late 1980s, Japan’s economy embarked on a period of rapid escalation in the prices of shares ...
This paper discusses the backgrounds for the stagnant behavior of the Japanese economy during the la...
Beginning in the 1970s with the emergence of Japan as America’s foremost industrial competitor, dema...