Kobayashi, Keiichiro; Inaba, Masaru - Society for Economic Dynamics - SED - 2006
in Japan. We argue that the deterioration of the labor wedge may have been caused by sticky wages and monetary …. Second, we performed an alternative BCA exercise using the capital wedge instead of the investment wedge to check the … robustness of BCA implications for financial frictions. The accounting results with the capital wedge imply that financial …