Lost Decade in Translation: Did the US Learn from Japan's Post-Bubble Mistakes? / James Harrigan, Kenneth Kuttner.

Format:

Book

Author/Creator:

Harrigan, James.

Contributor:

National Bureau of Economic Research.

Kuttner, Kenneth.

Series:

Working Paper Series (National Bureau of Economic Research) no. w10938.

NBER working paper series no. w10938

Language:

English

Physical Description:

1 online resource: illustrations (black and white);

Other Title:

Lost Decade in Translation

Place of Publication:

Cambridge, Mass. National Bureau of Economic Research 2004.

Summary:

In 1991, the Japanese economy ended a historic expansion and entered a period of stagnation that has yet to abate. Nine years later, the US economy ended a similarly historic expansion. There were many similarities in the two countries' expansions: asset price bubbles, a real investment boom, easy monetary policy, and improvements in government finances. In the wake of bursting bubbles, the Japanese banking system was insolvent and monetary policy was too tight, problems not evident in the US post-bubble period. But the US has worse fiscal and current account imbalances than Japan had at the same stage in the post-bubble era.

Notes:

Print version record

November 2004.