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Has Japan's Lost Decade(s) Changed Economic Thinking?

Corbett, Jennifer

Description

Many elements of Japan's economic stagnation the 1990s are reasonably well explained a modern, 'synthesis type', new-Keynesian model. The actual occurrence of some of the elements, such as deflation and zero interest rates, was, however, rare contemporary experience. As a result there has been a disconnect between what is theoretically understood by economists and the public discourse about Japan's 'lost decades'. The implications for policy are not very controversial theory - fiscal policy...[Show more]

CollectionsANU Research Publications
Date published: 2012
Type: Journal article
URI: http://hdl.handle.net/1885/71761
Source: The Economic Record
DOI: 10.1111/j.1475-4932.2012.00800.x

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