in Japan, a monetary aggregate and an interest rate. The paper tests whether these variables are good predictors of … model, over two periods between 1960 and 1992. In the earlier period when Japan's financial markets were less developed, a …

This paper examines Japan's experience in the first half of the 1990s to shed some light on several issues that arise … deflationary episode? We conclude that Japan's sustained deflationary slump was very much unanticipated by Japanese policymakers … the economy fell off significantly. Based on all these considerations, we draw the general lesson from Japan's experience …