NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Time of Troubles: The Yen and Japan's Economy, 1985-2008

Maurice Obstfeld

NBER Working Paper No. 14816
Issued in March 2009

---- Acknowledgements -----

Prepared for the ESRI/Chicago GSB/Columbia Business School Conference on "Japan's Bubble, Deflation, and Long-Term Stagnation," Federal Reserve Bank of San Francisco, December 11-12, 2008. I thank Thomas Becker, Gabriel Chodorow-Reich, and Matteo Maggiori for excellent research assistance. The paper has benefited from the helpful suggestions of Mick Devereux, Kyoji Fukao, Linda Goldberg, Koichi Hamada, Takatoshi Ito, Anil Kashyap, Jaewoo Lee, Masao Ogaki, David Weinstein, and participants at the March 2008 Columbia University pre-workshop on "Japan's Bubble," the follow-up December 2008 San Francisco Federal Reserve conference, and the November 2008 Swiss National Bank/IMF conference on exchange rates, held in Z├╝rich. Research support has been provided by the Class of 1958 chair and by the Coleman Fung Risk Management Research Center, both at UC Berkeley. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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