We measure the dollar risk exposure of U.S. industries by regressing stock portfolio returns on each industry against the returns on a broadly defined dollar index. The exposure estimates vary widely across different industries in both magnitudes and directions. We trace this large...

Using the test case of Japan during 1980 to 2000, this paper quantitatively explores a trinity of issues: (a) role of time variations in aggregate productivity and land taxation policy on real estate market fluctuations, (b) extent of spillover from the real estate market to the aggregate...

The bursting of the stock market and real estate bubbles of the 1980s dramatically shocked and changed the performance of the Japanese economy and the functioning of its banking system, resulting in a prolonged period of economic malaise in Japan, commonly known as the "Lost Decade," although it...

What are the economic mechanisms that account for sudden growth spurts? Are these mechanisms similar across episodes? Focusing on the economic resurgence of the BRICs over the last decade, we employ the Business Cycle Ac- counting methodology developed by Chari, Kehoe and McGrattan (2007) to...