The fading 1990s in Japan: Driving forces behind the unemployment upsurge

Pablo Agnese, Hector Sala

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Resum

This paper sheds new light on the causes of the unemployment upsurge in Japan during the "fading 1990s", an unprecedented period of structural crisis. We estimate a labor market model and identify the main macroeconomic determinants of labor demand and labor supply decisions in the last decades. We then conduct dynamic simulations and assess the relative contribution of these determinants to the evolution of unemployment from 1990 to 2002. Beyond the leading role exerted by the decline in productivity growth, we find the active and expansionary measures undertaken by the government had an overall negative effect on the labor market. © 2008 Elsevier B.V. All rights reserved.
Idioma originalAnglès
Pàgines (de-a)428-439
RevistaInternational Review of Economics and Finance
Volum18
DOIs
Estat de la publicacióPublicada - 1 de juny 2009

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