Over several decades, the relative rise of consumer durables manufacturing and the relative decline of consumer nondurables manufacturing in the Fifth District may have hindered the region's ability to weather the recession of 2007-09. Decomposing the Fifth District Survey of Manufacturing...

Japan has suffered from sluggish economic growth and recession since the early 1990s. In this paper, we analyze the causes of the prolonged slowdown of the Japanese economy (the lost decade). Economics Nobel laureate Paul Krugman has argued that Japan's lost decade is an example of a liquidity...