@techreport{Agnese2011Japanese,
abstract = {The Japanese lost decade has become an intriguing puzzle for both economists and policy-makers alike, as the unemployment rate climbed to unprecedented levels and the growth rate of productivity decreased considerably. More recent times seem to present with a more optimistic outlook, but this is not yet the last word in the matter. In this paper we estimate two alternative multi-equation structural models descriptive of the Japanese labor market, that are then used to conduct dynamic simulations both for the lost decade period (1990-2002) and beyond (2002-2007). Our results point, primarily, to the damaging effects of the ever-increasing public debt as a major source of labor market inefficiencies. In addition, we find the fall in labor union power to have a significant easing effect on the unemployment rate, but also to be a major driver in the apparently eroding pattern of the labor income share in recent years.},
address = {Bonn},
author = {Pablo Agnese},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
keywords = {C32; E17; E24; J08; 330; labor market dynamics; structural multi-equation models; chain reaction theory; simulations; Arbeitslosigkeit; Arbeitsmarkt; Arbeitsproduktivit\"{a}t; Sch\"{a}tzung},
language = {eng},
note = {urn:nbn:de:101:1-201104113366},
number = {5463},
publisher = {IZA},
title = {The Japanese lost decade and beyond: A chain reaction theory approach},
type = {Discussion paper series // Forschungsinstitut zur Zukunft der Arbeit},
url = {http://hdl.handle.net/10419/46174},
year = {2011}
}
