This paper examines the extent to which the evolution of monetary policy frameworks and actual policy decisions in the United States and Japan contributed to the differences in macroeconomic performance of the two countries in the 1980s and 1990s. It considers the extent to which monetary policy...

Chapter 1: Introduction -- Chapter 2: Prologue -- Part 1: Internal and External Equilibrium under the Bretton Woods System -- Chapter 3: Japanese Economic Policy Management under the Bretton Woods System -- Chapter 4: The Internal vs External Dilemma: West German and Japanese Episodes -- Chapter...