Foreign exchange origins of Japan's economic slump

ARTICLE - Ronald McKinnon from Stanford University and Kenichi Ohno from Tokyo's National Graduate Institute for Policy Studies have written an article on "The Foreign Exchange Origins of Japan's Economic Slump and Low Interest Liquidity Trap". The authors propose a unified explanation, with deep historical roots, of why aggregate private demand failed to recover after Japan's stock and real estate bubbles burst in 1991 and deflationary pressure continues.

AUTHOR'S ABSTRACT

Japan's macroeconomi

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