A Century of Japanese Business Cycles: Did Policy Stabilize Activity?

Journal article

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 macroeconomic policy that through most of the past four decades played a pro- rather than a counter-cyclical role.

Authors: Boltho, A

• Journal: Journal of the Japanese and International Economies
• Volume: 5
• Publication date: 1991-01-01
• ISSN: 0889-1583