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Deflationary Expectations and Real Cost of Capital -Micro-Level Estimates of Investment Function in the1990s (in Japanese)


  • Satoshi Shimizutani
  • Terai Akira


This study estimates firm-level real cost of capital in the 1990s and confirms that deflationary expectations, especially in the second half of the decade, canceled out the effect of the loose monetary policy and dampened business investment.

Suggested Citation

  • Satoshi Shimizutani & Terai Akira, 2003. "Deflationary Expectations and Real Cost of Capital -Micro-Level Estimates of Investment Function in the1990s (in Japanese)," Economic Analysis, Economic and Social Research Institute (ESRI), vol. 171, pages 87-106, December.
  • Handle: RePEc:esj:esriea:171e

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