The paper compares the boom-and-bust cycles in Japan and Europe with respect to the reasons for excessive booms, the … characteristics of the crises, and the (potential) effects of the crisis therapies. As in Japan the consequence of expansionary … well as gradual real income losses, the economic policy implication for Japan and Europe is the timely exit from the …

der Geldpolitik fehlt es der EWU an Institutionen, welche die notwendige Wirtschaftspolitik unterstützen. Es besteht somit …