Japan's Lost Decade: Does Money have a Role?

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Canova, Fabio; Menz, Tobias. Japan's Lost Decade: Does Money have a Role?. 2011
http://hdl.handle.net/10230/11717

To cite or link this document: http://hdl.handle.net/10230/11717

Title:	Japan's Lost Decade: Does Money have a Role?
Author:	Canova, Fabio; Menz, Tobias
Other authors:	Universitat Pompeu Fabra. Departament d'Economia i Empresa
Abstract:	We study the contribution of the stock of money to the macroeconomic outcomes of the 1990s in Japan using a small scale structural model. Likelihood-based estimates of the parameters are provided and time stabilities of the structural relationships analyzed. Real balances are statistically important for output and inflation fluctuations and their role has changed over time. Models which give money no role give a distorted representation of the sources of cyclical fluctuations. The severe stagnation and the long deflation are driven by different causes.
Document type:	Working paper
Date:	2011
Rights:	Aquest document està subjecte a una llicència d'ús de Creative Commons, amb la qual es permet copiar, distribuir i comunicar públicament l'obra sempre que se'n citin l'autor original, la universitat i el departament i no se'n faci cap ús comercial ni obra derivada, tal com queda estipulat en la llicència d'ús (http://creativecommons.org/licenses/by-nc-nd/2.5/es/)