TY  - JOUR
AU  - Harrigan,James
AU  - Kuttner,Kenneth
TI  - Lost Decade in Translation: Did the US Learn from Japan's Post-Bubble Mistakes?
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 10938
PY  - 2004
Y2  - November 2004
UR  - http://www.nber.org/papers/w10938
L1  - http://www.nber.org/papers/w10938.pdf
N1  - Author contact info:
James Harrigan
Department of Economics
University of Virginia
P.O. Box 400182
Charlottesville, VA 22904-4182
Tel: 434-243-8354
Fax: 434-982-2904
E-Mail: harrigan@nber.org

Kenneth Kuttner
Department of Economics
Williams College
South Academic Building
24 Hopkins Hall Drive
Williamstown, MA 01267
Tel: 413-597-2300
E-Mail: kenneth.n.kuttner@williams.edu
M2  - featured in NBER digest on 2005-06-01
AB  - In 1991, the Japanese economy ended a historic expansion and entered a period of stagnation that has yet to abate. Nine years later, the US economy ended a similarly historic expansion. There were many similarities in the two countries' expansions: asset price bubbles, a real investment boom, easy monetary policy, and improvements in government finances. In the wake of bursting bubbles, the Japanese banking system was insolvent and monetary policy was too tight, problems not evident in the US post-bubble period. But the US has worse fiscal and current account imbalances than Japan had at the same stage in the post-bubble era.
ER  -