.S. (i.e., forward-looking monetary policy), but not in Japan. The central banks in both countries react sharply to demand …

After experiencing spectacular economic growth and industrial development for much of the postwar era, Japan plunged … is only now emerging. Japan's malaise, marked by recession or weak economic activity, commodity and asset price deflation … industrial world since the 1930s. In Japan's Great Stagnation, experts on the Japanese economy consider key questions about the …