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Reallocation and Productivity Growth in Japan: Revisiting the Lost Decade of the 1990s: Working Paper 2006-02

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  • Naomi N. Griffin
  • Kazuhiko Odaki

Abstract

Hayashi and Prescott (2002) argue that the so-called lost decade of the 1990s in Japan is explained by the slowdown in exogenous total factor productivity (TFP) growth rates. At the same time, some have suggested that Japanese banks’ support for inefficient firms prolonged recession, by reducing productivity through misallocation of resources and interference with entry and exit mechanisms. Using firm-level data between 1969 and 1996, this paper investigates the micro-reallocation mechanisms to disentangle the factors behind the slowdown in productivity growth during the

Suggested Citation

  • Naomi N. Griffin & Kazuhiko Odaki, 2006. "Reallocation and Productivity Growth in Japan: Revisiting the Lost Decade of the 1990s: Working Paper 2006-02," Working Papers 17603, Congressional Budget Office.
  • Handle: RePEc:cbo:wpaper:17603
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    File URL: https://www.cbo.gov/sites/default/files/109th-congress-2005-2006/workingpaper/2006-02_0.pdf
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    References listed on IDEAS

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    1. Motonishi, Taizo & Yoshikawa, Hiroshi, 1999. "Causes of the Long Stagnation of Japan during the 1990s: Financial or Real?," Journal of the Japanese and International Economies, Elsevier, vol. 13(3), pages 181-200, September.
    2. Kyoji Fukao & Tomohiko Inui & Hiroki Kawai & Tsutomu Miyagawa, 2004. "Sectoral Productivity and Economic Growth in Japan, 1970-98: An Empirical Analysis Based on the JIP Database," NBER Chapters,in: Growth and Productivity in East Asia, pages 177-228 National Bureau of Economic Research, Inc.
    3. Philippe Aghion & Peter Howitt, 1994. "Growth and Unemployment," Review of Economic Studies, Oxford University Press, vol. 61(3), pages 477-494.
    4. Richard Ericson & Ariel Pakes, 1995. "Markov-Perfect Industry Dynamics: A Framework for Empirical Work," Review of Economic Studies, Oxford University Press, vol. 62(1), pages 53-82.
    5. Lucia Foster & John C. Haltiwanger & C. J. Krizan, 2001. "Aggregate Productivity Growth: Lessons from Microeconomic Evidence," NBER Chapters,in: New Developments in Productivity Analysis, pages 303-372 National Bureau of Economic Research, Inc.
    6. Yasushi Hamao & Jianping Mei & Yexiao Xu, 2003. "Idiosyncratic Risk and the Creative Destruction in Japan," NBER Working Papers 9642, National Bureau of Economic Research, Inc.
    7. C.J. Krizan & John Haltiwanger & Lucia Foster, 2002. "The Link Between Aggregate and Micro Productivity Growth: Evidence from Retail Trade," Working Papers 02-18, Center for Economic Studies, U.S. Census Bureau.
    8. Griffin, Naomi N., 2010. "Labor adjustment, productivity and output volatility: An evaluation of Japan's Employment Adjustment Subsidy," Journal of the Japanese and International Economies, Elsevier, vol. 24(1), pages 28-49, March.
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