Has deflation contributed to the long lasting stagnation of the Japanese economy? Could the Bank of Japan have stopped deflation by implementing a more expansionary monetary policy? Our tentative answers are probably not to the first question, and probably yes to the second question. We find...

After more than a decade of stagnant growth, the Japanese economy is showing signs of full recovery, with deflation also having come to an end. Since the mid 1990s both supply side and demand side policy solutions to the Japanese stagnation have been suggested. By means of a Factor Vector...

The paper analyses the process of long-run growth in Japan over the period 1957-2001, using a common trends model, in order to asses whether the economic slowdown in Japan over the 1990s has been caused by a productivity slowdown. The paper finds empirical support for the neoclassical growth...