The Asset Price Bubble and Monetary Policy: Japan’s Experience in the Late 1980s and the Lessons

Abstract

Since the latter half of the 1980s, Japan’s economy has experienced the emergence, expansion, and bursting of a bubble economy, characterized by a rapid rise in asset prices, the overheating of economic activity, and the expansion of money supply and credit. This paper examines the mechanism by which the bubble economy was generated and summarizes lessons a… (More)

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