Kobayashi, Keiichiro - 2002
stagnation, is usually explained as follows: Forbearance policy (i.e., an implicit subsidy to inefficient sectors) distorts … explanation: Forbearance impedes the recovery of confidence that is lost during a financial crisis. If confidence is restored … Schmeidler (1989). The Bayesian update rule for a non-unique prior is proposed and used for the analysis of confidence building …