rate (ratio of depreciation to the capital stock) is implausibly high. I argue in this rejoinder that Japan's high … Japan. Second, equipment capital (a component of the denominator in the depreciation rate) in the Japanese national accounts … seems underestimated. Therefore, my estimate of the level of depreciation for Japan does not seem exaggerated …

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 …

This paper presents a life-cycle simulation analysis of the interaction among savings decisions, housing purchase … decisions, and the tax system in the United States and Japan. To investigate this issue, we first document the stylized fact … that the typical Japanese household purchases a house later in the life-cycle with a higher downpayment ratio than its U …