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The Foreign Exchange Origins of Japan's Economic Slump and Low Interest Liquidity Trap

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  • Ronald McKinnon
  • Kenichi Ohno
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    Abstract

    Japan's macroeconomic problem has yet to be properly diagnosed. Throughout the 1990s, policy makers could not decide on the proper macro economic measures to combat the country's severe economic slump. We propose a unified explanation, with deep historical roots, of why aggregate private demand failed to recover after Japan's stock and real estate bubbles burst in 1991 and deflationary pressure continues. Copyright Blackwell Publishers Ltd 2001.

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    Bibliographic Info

    Article provided by Wiley Blackwell in its journal The World Economy.

    Volume (Year): 24 (2001)
    Issue (Month): 3 (03)
    Pages: 279-315

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    Handle: RePEc:bla:worlde:v:24:y:2001:i:3:p:279-315

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    Cited by:
    1. Qin, Duo & He, Xinhua, 2011. "Globalisation effect on inflation in the great moderation era: new evidence from G10 countries," MPRA Paper 32994, University Library of Munich, Germany.
    2. Rishi Goyal & Ronald McKinnon, 2002. "Japan's Negative Risk Premium in Interest Rates: The Liquidity Trap and Fall in Bank Lending," Working Papers 02006, Stanford University, Department of Economics.
    3. Ronald McKinnon & Gunther Schnabl, 2003. "Synchronised Business Cycles in East Asia and Fluctuations in the Yen/Dollar Exchange Rate," The World Economy, Wiley Blackwell, vol. 26(8), pages 1067-1088, 08.

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