This paper examines available evidence on Japan's wealth accumulation. Time-series evidence over the last one hundred … accumulation in pre-war Japan was so slow. Perhaps growth in pre-war Japan was hampered by harmful effects of misguided government …

decisions, and the tax system in the United States and Japan. To investigate this issue, we first document the stylized fact … rate is shown to contribute to a higher aggregate saving rate in Japan compared to the U.S. However, the contribution of … Japan. Finally, tax reform concerning the tax deductibility of mortgage interest payments or the tax exempt status of …

As Japan's decade-long economic stagnation continues, there has been much analysis of the immediate macroeconomic … problems that confront the Japanese economy. This book looks past the short-run challenges to the future of Japan and …

of the pre-WWII period, Japan's real GNP per worker was not much more than a third of that of the U.S., with falling … barrier, Japan's prewar GNP per worker would have been close to a half of the U.S. The labor barrier existed because, we argue …

to Japan's macroeconomic performance in the 1990s. Compared to the one-sector analysis of Japan in the 1990s in Hayashi … and Prescott (2002), our model does slightly better or just as well in accounting for Japan's output slump and does worse … in accounting for the capital-output ratio. We also show that, to revive a 2% long-term growth in percapita GDP, Japan …

This paper backtests a nowcast of Japan's real GDP growth. Its distinguishing features are use of genuine real …