Ito, Takatoshi; Mishkin, Frederic S. - 2004
The Japanese economy has been underperforming for more than a decade. The average growth rate of real GDP over the past 12 years has been just above 1 percent, and the nominal GDP has been shrinking since 1997 due to inflation. Nominal GDP for 2003 is 4 percent below what it was in 1997. In...