The 1990s in Japan: A Lost Decade
AbstractThis paper examines the Japanese economy in the 1990s, a decade of economic stagnation. We find that the problem is not a breakdown of the financial system, as corporations large and small were able to find financing for investments. There is no evidence of profitabkle investment opportunities not being exploited due to lack of access to capital markets. The problem then and still today is a low productivity growth rate. Growth theory, treating TFP as exogenous, accounts well for the Japanese lost decade of growth. We think that research effort should be focused on what policy change will allow productivity to again grow rapidly. (Copyright: Elsevier)
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Bibliographic InfoArticle provided by Elsevier for the Society for Economic Dynamics in its journal Review of Economic Dynamics.
Volume (Year): 5 (2002)
Issue (Month): 1 (January)
Note: A data appendix is available
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Postal: Review of Economic Dynamics Academic Press Editorial Office 525 "B" Street, Suite 1900 San Diego, CA 92101
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Other versions of this item:
- Fumio Hayashi & Edward C. Prescott, 2002. "Data Appendix to The 1990s in Japan: A Lost Decade," Technical Appendices hayashi02, Review of Economic Dynamics.
- Fumio Hayashi & Edward C. Prescott, 2000. "The 1990s in Japan: a lost decade," Working Papers 607, Federal Reserve Bank of Minneapolis.
- E2 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment
- E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical
- O4 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity
- O5 - Economic Development, Technological Change, and Growth - - Economywide Country Studies
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Blog mentionsAs found by EconAcademics.org, the blog aggregator for Economics research:
- Human nature & economic recovery
by chris dillow in Stumbling and Mumbling on 2010-10-20 09:15:43
- Is a lost decade ahead?
by Economic Logician in Economic Logic on 2012-07-13 13:56:00
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