countries, Japan, and the United States to shocks in housing and equity prices. The effects are assessed with a Structural …

In recent policy debates some have argued that expansionary monetary policy in Japan can increase real output in Japan … and in Japan's neighbors, while others have warned that it is a beggar-thy-neighbor policy. In this paper we estimate …-thy-neighbor view. We estimate that the Asian crisis was preceded by expansionary monetary policy shocks in Japan, but we fail to find …