Hysteresis And The Japanese Unemployment Problem: A Preliminary Investigation
The Blanchard-Summers model of unemployment hysteresis is a very popular explanation of the recent European experience. This paper asks if the same model can be used to explain the Japanese experience. The answer is that hysteresis cannot be easily dismissed from recent Japanese data. They contain as much hysteresis as the European data. The paper explains some of the differences between Japan and Europe in terms of labor supply behaviors and indexation to unexpected real shocks. Copyright 1990 by Royal Economic Society.
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