We test the menu cost model of Ball and Mankiw (1994, 1995) on data from the inflation and deflation periods in Japan … during both inflation and deflation, is strongly supported. The data are less clear on, but does not reject, the hypothesis … that the parameter on the standard deviation changes sign between inflation and deflation periods. …

understanding of and expand research on this topic. Given the importance of the People’s Republic of China, Japan, and the United …

system that then existed in the world, and (c) the transition from a uni-polar world, with the U.S.A. as the single center of …

Standard theoretical models predict that higher inflation expectations generate greater current consumer spending at … this relationship. We use micro data for Japan, which has experienced low interest rates for a prolonged period, to …: survey respondents with higher expected inflation tend to indicate that their household has increased real spending compared …

In this article recession magnitudes in Europe, the USA and Japan during the Great Recession are compared. The … strongest recessions (of severe category) occurred in Latvia, Lithuania and Estonia, while recessions in Japan and the USA were …-1933 in the USA. Hence, comparisons of the Great Recession to the Great Depression in the literature are somewhat exaggerated. …

behavior of inflation rates in response to a monetary policy shock, which CEE cast doubt upon. …

explains the business cycle. Drawing on multi-period data from Japan, the model confirms the conventional wisdom that the …