Search Results
Journal Article
Beyond the border: Japan's economy still looks recessionary
Journal Article
Miracle to malaise: what's next for Japan?
Journal Article
Japan's growth performance over the last decade
Journal Article
Economic problems facing post-treaty Japan
Journal Article
Regional business cycle phases in Japan
This paper uses a Markov-switching model with structural breaks to characterize and compare regional business cycles in Japan for the period 1976-2005. An early-1990s structural break meant a reduction in national and regional growth rates in expansion and recession, usually resulting in an increase in the spread between the two phases. Although recessions tended to be experienced across a majority of regions throughout the sample period, the occurrence and lengths of recessions at the regional level have increased over time.
Speech
Excerpts from Remarks on the process of creative destruction
Remarks to the Fort Worth Chamber of Commerce and the Fort Worth Petroleum Club, Leaders in Government Series, Fort Worth, Texas, January 19, 2006 ; "There is a dynamic tension in Japan today. Prime Minister Koizumi has taken on the old political dinosaurs. Young entrepreneurs gathered in the new office buildings in the Roppongi Hills area of Tokyo and elsewhere have challenged the tightly interwoven culture of the old Japanese corporate hierarchy. Foreign investment has positioned itself for a sea change in Japan's direction."
Journal Article
How big is Japan's debt?
Journal Article
Foreign exchange and the liquidity trap
When short-term interest rates hover near zero, central banks may have difficulty offsetting downward momentum on prices and economic activity through traditional monetary-policy channels, since commercial banks have little incentive to make loans. Economists refer to this situation as a liquidity trap. Do exchange rate targets and foreign exchange operations, as some have suggested, offer a way to escape such a trap?
Working Paper
Regional business cycle phases in Japan
This paper uses a Markov-switching model with structural breaks to characterize and compare regional business cycles in Japan for 1976-2005. An early 1990s structural break meant a reduction in national and regional growth rates in expansion and recession, usually resulting in an increase in the spread between the two phases. Although recessions tended to be experienced across a majority of regions throughout the sample period, the occurrence and lengths of recessions at the regional level have increased over time.
Working Paper
The great inflation and early disinflation in Japan and Germany
This paper considers the Great Inflation of the 1970s in Japan and Germany. From 1975 onward, these countries had low inflation relative to other large economies. Traditionally, this success is attributed to stronger discipline on the part of Japan and Germany?s monetary authorities?for example, more willingness to accept temporary unemployment, or greater determination not to monetize government deficits. I instead attribute the success of these countries from the mid-1970s to their governments? and monetary authorities? acceptance that inflation is a monetary phenomenon. Likewise their ...