Reversal of Fortune: Macroeconomic Policy, International Finance, and Banking in Japan



Gary R. Saxonhouse and Robert M. Stern

elimination of Japans primary government deficit, and the creation of a modest 377
surplus. In an environment of less than robust aggregate demand must be skillfully 378
managed lest Japan once again slip into a recession.4                                379

380

References                                                                  381

Ahearne A et al (2002) Preventing deflation: lessons from Japans experience in the 1990s. Board 382
of Governors of the Federal Reserve System, International Finance Discussion Paper, No. 729    383

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Bernanke BS (2000) Japanese monetary policy: a case of self-induced paralysis? In: Mikitani R,    385

Posen AS (eds) Japans Financial Crisis and Its Parallels to US Experience. Institute for    386

International Economics, Washington, District of Columbia                                 387

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Hubbard RG (2002) Impediments to growth in Japan (Speech before the Japan Information 393

Access Symposium: Washington, District of Columbia, April 8)                             394

Ihori T, Nakazato T, Kawade M (2003) Japans fiscal policies in the 1990s. World Econ 395

26:325-338                                                                        396

Ito T (1992) The Japanese Economy. MIT, Cambridge, Massachusetts                           397

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Japan. Brookings Papers in Economic Activity, 93-185                                     399

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Paris                                                                                        401

Saxonhouse GR, Stern RM (2003) The bubble and the lost decade. World Econ 26:267-282      402

Svensson LEO (2001) The zero-bound in an open economy: a fool-proof way of escaping the    403

liquidity trap. Monet Econ Stud 19:277-321                                               404

Svensson LEO (2003) Escaping from the liquidity trap and deflation: the fool-proof way and 405
others. J Econ Perspect 17:145-166                                                      406

4 Saxonhouse and Stern (2003) discuss different proposals for introducing consumption tax
increases in ways that would encourage rather than frustrate short-run recovery.



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