While Japan's postwar macroeconomic performance has been impressive, it is less so in the area of cyclical fluctuations--the improvement relative to the prewar period is modest, and the record vis-a-vis other major economies since the 1950s is poor. Diminished volatility in the 1950s and 1960s was due mainly to a stable world economy. Reasons for a relatively disappointing comparative outcome may have been a very high rate of fixed investment demand, which fluctuated sharply, and a macroecono...Expand abstract
- Journal of the Japanese and International Economies
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A Century of Japanese Business Cycles: Did Policy Stabilize Activity?
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