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Historical, structural, and macroeconomic perspectives on the Japanese economic crisis

David E. Weinstein

Title:
Historical, structural, and macroeconomic perspectives on the Japanese economic crisis
Author(s):
Weinstein, David E.
Date:
Type:
Working papers
Department:
Center on Japanese Economy and Business
Permanent URL:
Series:
Center on Japanese Economy and Business Working Papers
Part Number:
164
Publisher:
Center on Japanese Economy and Business, Graduate School of Business, Columbia University
Publisher Location:
New York
Abstract:
Paul Krugman once noted that it is not remarkable that people tend to favor structural interpretations for economic problems. Losing one's job or seeing one's wealth fall by a factor of two or three is often a tragedy for workers and their families. It is an anathema that this might be the result of some bureaucrat accidentally miscalculating the money supply in one's own country or, even worse, in some other country. How can such pain be caused by something so trivial as misreading information about monetary aggregates? Yet, these are exactly the explanations that economic theory suggests are critical in understanding business cycles. Hence it is not surprising that in all countries there is a tendency to give business cycles a structural interpretation.
Subject(s):
Economics, Commerce-Business
Item views:
289
Metadata:
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