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Article
Japan's Stagnant Nineties: A Vector Autoregression Retrospective
This paper uses a vector autoregression (VAR) approach to identify the driving forces of the growth slowdown in Japan during the 1990s. Negative shocks to both residential and nonresidential investment are sho...
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Article
Growth, Trade, and Deindustrialization
This paper shows that deindustrialization is explained primarily by developments that are internal to the advanced economies. These include the combined effects on manufacturing employment of a relatively fast...
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Article
The Real Effects of Monetary Policy in the European Union: What Are the Differences?
The main finding of this paper is that the European Union (EU) countries fall into two broad groups according to the effects of monetary policy adjustments on economic activity. Estimates based on a vector aut...
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Article
The Structural Crisis in the Swedish Economy: Role of Labor Markets
This paper argues that Sweden's structural problems of slow productivity growth and high wage inflation can be linked in an important way to the institutional features of its labor market, which is characteriz...