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The fading 1990s in Japan: Driving forces behind the unemployment upsurge

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Author Info
Agnese, Pablo
Sala, Hector

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Abstract

This paper sheds new light on the causes of the unemployment upsurge in Japan during the “fading 1990s”, an unprecedented period of structural crisis. We estimate a labor market model and identify the main macroeconomic determinants of labor demand and labor supply decisions in last decades. We then conduct dynamic simulations and assess the relative contribution of these determinants to the evolution of unemployment from 1990 to 2002. Beyond the leading role exerted by the decline in productivity growth, we find the active and expansionary measures undertaken by the government had an overall negative effect on the labor market.

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Publisher Info
Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 16501.

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Date of creation: 19 Mar 2008
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Publication status: Published in International Review of Economics and Finance 3.18(2009): pp. 428-439
Handle: RePEc:pra:mprapa:16501

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Related research
Keywords: Japan; unemployment; productivity; macroeconomic policies; chain reaction theory;

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Find related papers by JEL classification:
E24 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution
J01 - Labor and Demographic Economics - - General - - - Labor Economics: General
E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General

References listed on IDEAS
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  4. Jong-Il Kim & Lawrence J. Lau, 1996. "The sources of Asian Pacific economic growth," Canadian Journal of Economics, Canadian Economics Association, vol. 29(s1), pages 448-54, April. [Downloadable!] (restricted)
  5. Alan G. Ahearne & Naoki Shinada, 2005. "Zombie Firms and Economic Stagnation in Japan," Hi-Stat Discussion Paper Series d05-95, Institute of Economic Research, Hitotsubashi University. [Downloadable!]
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  6. Kenneth N. Kuttner & Adam S. Posen, 2001. "The Great Recession: Lessons for Macroeconomic Policy from Japan," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 32(2001-2), pages 93-186. [Downloadable!]
  7. Marika Karanassou & Hector Sala & Dennis J. Snower, 2006. "Phillips Curves and Unemployment Dynamics: A Critique and a Holistic Perspective," IZA Discussion Papers 2265, Institute for the Study of Labor (IZA). [Downloadable!]
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  8. Marika Karanassou & Hector Sala & Dennis Snower, 2007. "The macroeconomics of the labor market: three fundamental views," Portuguese Economic Journal, Springer, vol. 6(3), pages 151-180, December. [Downloadable!] (restricted)
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  9. Marika Karanassou & Hector Sala & Pablo F. Salvador, 2007. "Capital Accumulation and Unemployment: New Insights on the Nordic Experience," IZA Discussion Papers 3066, Institute for the Study of Labor (IZA). [Downloadable!]
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  10. Karanassou, Marika & Sala, Hector & Snower, Dennis J., 2008. "Long-run inflation-unemployment dynamics: The Spanish Phillips curve and economic policy," Journal of Policy Modeling, Elsevier, vol. 30(2), pages 279-300. [Downloadable!] (restricted)
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  11. Ricardo J. Caballero & Takeo Hoshi & Anil K. Kashyap, 2006. "Zombie Lending and Depressed Restructuring in Japan," NBER Working Papers 12129, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  12. Barseghyan, Levon, 2006. "Crowding out and the rate of return on capital in Japan," Japan and the World Economy, Elsevier, vol. 18(3), pages 278-297, August. [Downloadable!] (restricted)
  13. Kobayashi, Keiichiro, 2007. "Payment Uncertainty And The Productivity Slowdown," Macroeconomic Dynamics, Cambridge University Press, vol. 11(02), pages 231-248, April. [Downloadable!]
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  14. Coles, Melvyn G & Smith, Eric, 1996. "Cross-Section Estimation of the Matching Function: Evidence from England and Wales," Economica, London School of Economics and Political Science, vol. 63(252), pages 589-97, November. [Downloadable!] (restricted)
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  15. T. Miyagawa & Y. Sakuragawa & M. Takizawa, 2006. "Productivity And Business Cycles In Japan: Evidence From Japanese Industry Data," The Japanese Economic Review, Japanese Economic Association, vol. 57(2), pages 161-186. [Downloadable!] (restricted)
  16. Fumihira Nishizaki, 1997. "The NAIRU in Japan: Measurement and Its Implications," OECD Economics Department Working Papers 173, OECD, Economics Department. [Downloadable!]
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  18. Masanori Hashimoto & Yoshio Higuchi, 2005. "Issues Facing the Japanese Labor Market," Working Papers 05-01, Ohio State University, Department of Economics. [Downloadable!]
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Agnese, Pablo, 2009. "Japan and her dealings with offshoring: An empirical analysis with aggregate data," IESE Research Papers D/793, IESE Business School. [Downloadable!]
    Other versions:
  2. Marika Karanassou & Hector Sala, 2008. "Labour Market Dynamics in Australia: What Drives Unemployment?," Discussion Papers 2008-26, School of Economics, The University of New South Wales. [Downloadable!]
    Other versions:
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