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Can Japan Make a Comeback?

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  • Bigsten, Arne

    (Department of Economics, School of Economics and Commercial Law, Göteborg University)

Abstract

Since the beginning of the 1990s Japan has experienced economic stagnation. This paper discusses its causes and the prospects for recovery. It considers both the macroeconomic problems and the viability of the Japanese economic model itself. The potential roles of fiscal, monetary, exchange rate, and structural policies are discussed.

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File URL: http://hdl.handle.net/2077/2796
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Bibliographic Info

Paper provided by University of Gothenburg, Department of Economics in its series Working Papers in Economics with number 122.

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Length: 18 pages
Date of creation: 20 Jan 2004
Date of revision:
Publication status: Published in The World Economy, 2005, pages 595-606.
Handle: RePEc:hhs:gunwpe:0122

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Postal: Department of Economics, School of Business, Economics and Law, University of Gothenburg, Box 640, SE 405 30 GÖTEBORG, Sweden
Phone: 031-773 10 00
Web page: http://www.handels.gu.se/econ/
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Keywords: Japanese economic model; macroeconomic imbalance; liquidity trap; economic policy;

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  1. Lars E.O. Svensson, 2003. "Escaping from a Liquidity Trap and Deflation: The Foolproof Way and Others," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 17(4), pages 145-166, Fall.
  2. Gauti B. Eggertsson & Michael Woodford, 2003. "Optimal Monetary Policy in a Liquidity Trap," NBER Working Papers 9968, National Bureau of Economic Research, Inc.
  3. Paul D. McNelis & Naoyuki Yoshino, 2004. "Deciphering the Message in Japanese Deflation Dynamics," Asian Economic Papers, MIT Press, MIT Press, vol. 3(2), pages 49-70.
  4. McKibbin, Warwick J. & Wilcoxen, Peter J., 1998. "The theoretical and empirical structure of the G-Cubed model," Economic Modelling, Elsevier, Elsevier, vol. 16(1), pages 123-148, January.
  5. Marvin Goodfriend, 2000. "Overcoming the zero bound on interest rate policy," Working Paper, Federal Reserve Bank of Richmond 00-03, Federal Reserve Bank of Richmond.
  6. James Clouse & Dale Henderson & Athanasios Orphanides & David Small & Peter Tinsley, 2000. "Monetary policy when the nominal short-term interest rate is zero," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) 2000-51, Board of Governors of the Federal Reserve System (U.S.).
  7. Naoyuki Yoshino & Eisuke Sakakibara, 2002. "The Current State of the Japanese Economy and Remedies," Asian Economic Papers, MIT Press, MIT Press, vol. 1(2), pages 110-126.
  8. Krugman, Paul, 2000. "Thinking About the Liquidity Trap," Journal of the Japanese and International Economies, Elsevier, vol. 14(4), pages 221-237, December.
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Cited by:
  1. Cheong, Siew Ann & Fornia, Robert Paulo & Lee, Gladys Hui Ting & Kok, Jun Liang & Yim, Woei Shyr & Xu, Danny Yuan & Zhang, Yiting, 2011. "The Japanese economy in crises: A time series segmentation study," Economics Discussion Papers 2011-24, Kiel Institute for the World Economy.
  2. Cheong, Siew Ann & Fornia, Robert Paulo & Lee, Gladys Hui Ting & Kok, Jun Liang & Yim, Woei Shyr & Xu, Danny Yuan & Zhang, Yiting, 2012. "The Japanese economy in crises: A time series segmentation study," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy, vol. 6(5), pages 1-81.

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