@techreport{NBERw7350,
 title = "The Morning After:  Explaining the Slowdown in Japanese Growth in the 1990s",
 author = "Tamim Bayoumi",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "7350",
 year = "1999",
 month = "September",
 URL = "http://www.nber.org/papers/w7350",
 abstract = {This paper uses a VAR to investigate four possible explanations of the extended slump in Japanese economic activity over the 1990s: the absence of bold and consistent fiscal stimulus; the limited room for expansionary monetary policy due to a liquidity trap; overinvestment and debt overhang; and disruption of financial intermediation. The results indicate that all of these factors played a role, but that the major explanation is disruption in financial intermediation, largely operating through the impact of changes in domestic asset prices on bank lending.},
}