Japan's lost decade: Does money have a role?
We study the contribution of the stock of money to the macroeconomic outcomes of the 1990s in Japan using a small scale structural model. Likelihood-based estimates of the parameters are provided and time stabilities of the structural relationships analyzed. Real balances are statistically important for output and inflation fluctuations and their role has changed over time. Models which give money no role give a distorted representation of the sources of cyclical fluctuations. The severe stagnation and the long deflation are driven by different causes.
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.:
- Julen ESTEBAN-PRETEL & NAKAJIMA Ryo & TANAKA Ryuichi, 2009.
"TFP Growth Slowdown and the Japanese Labor Market in the 1990s,"
09003, Research Institute of Economy, Trade and Industry (RIETI).
- Esteban-Pretel, Julen & Nakajima, Ryo & Tanaka, Ryuichi, 2010. "TFP growth slowdown and the Japanese labor market in the 1990s," Journal of the Japanese and International Economies, Elsevier, vol. 24(1), pages 50-68, March.
- Fabio Canova, 2004.
"What explains the Great Moderation in the US? A structural analysis,"
Economics Working Papers
919, Department of Economics and Business, Universitat Pompeu Fabra, revised Dec 2007.
- Fabio Canova, 2009. "What Explains The Great Moderation in the U.S.? A Structural Analysis," Journal of the European Economic Association, MIT Press, vol. 7(4), pages 697-721, 06.
- R. Anton Braun & Yuichiro Waki, 2005.
"Monetary Policy during Japan's Lost Decade,"
CARF-F-035, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo.
- Takatoshi Ito & Frederic S. Mishkin, 2006.
"Two Decades of Japanese Monetary Policy and the Deflation Problem,"
in: Monetary Policy with Very Low Inflation in the Pacific Rim, NBER-EASE, Volume 15, pages 131-202
National Bureau of Economic Research, Inc.
- Takatoshi Ito & Frederic S. Mishkin, 2004. "Two Decades of Japanese Monetary Policy and the Deflation Problem," NBER Working Papers 10878, National Bureau of Economic Research, Inc.
- Yongsung Chang & Taeyoung Doh & Frank Schorfheide, 2006.
"Non-stationary hours in a DSGE model,"
06-3, Federal Reserve Bank of Philadelphia.
- Charles L. Evans, 1991.
"Productivity shocks and real business cycles,"
Working Paper Series, Macroeconomic Issues
91-22, Federal Reserve Bank of Chicago.
- Diego A. Comin, 2008.
"An Exploration of the Japanese Slowdown during the 1990s,"
NBER Working Papers
14509, National Bureau of Economic Research, Inc.
- Diego A. Comin, 2008. "An Exploration of the Japanese Slowdown during the 1990s," Harvard Business School Working Papers 09-065, Harvard Business School.
- Inoue, Tomoo & Okimoto, Tatsuyoshi, 2008. "Were there structural breaks in the effects of Japanese monetary policy? Re-evaluating policy effects of the lost decade," Journal of the Japanese and International Economies, Elsevier, vol. 22(3), pages 320-342, September.
- Kenn Ariga & Fumio Hayashi & Charles Horioka, 2006. "Introduction," The Japanese Economic Review, Japanese Economic Association, vol. 57(2), pages 157-160.
- Gauti B. Eggertsson & Michael Woodford, 2003. "The Zero Bound on Interest Rates and Optimal Monetary Policy," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 34(1), pages 139-235.
- Jordi Galí, 2008.
"Introduction to Monetary Policy, Inflation, and the Business Cycle: An Introduction to the New Keynesian Framework
[Monetary Policy, Inflation, and the Business Cycle: An Introduction to the New Ke," Introductory Chapters, Princeton University Press.
When requesting a correction, please mention this item's handle: RePEc:upf:upfgen:1240. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ()
If references are entirely missing, you can add them using this form.