The Foreign Exchange Origins of Japan's Economic Slump and Low Interest Liquidity Trap

Japan's macroeconomic problem has yet to be properly diagnosed. Throughout the 1990s, policy makers could not decide on the proper macro economic measures to combat the country's severe economic slump. We propose a unified explanation, with deep historical roots, of why aggregate private demand failed to recover after Japan's stock and real estate bubbles burst in 1991 and deflationary pressure continues. Copyright Blackwell Publishers Ltd 2001.

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Year of publication:	2001
Authors:	McKinnon, Ronald ; Ohno, Kenichi
Published in:	The World Economy. - Wiley Blackwell. - Vol. 24.2001, 3, p. 279-315
Publisher:	Wiley Blackwell

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Extent:	text/html
Type of publication:	Article
Source:	RePEc - Research Papers in Economics

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