Aron, Janine; Duca, John V; Muellbauer, John; Murata, Keiko - C.E.P.R. Discussion Papers - 2010
similar in the US and UK, while land prices in Japan still have a negative effect on consumer spending. Together with evidence … for negative real interest rate effects in the UK and US and positive ones in Japan, this suggests important differences … in the transmission of monetary and credit shocks between Japan and the US, UK and other credit-liberalized economies. …