In spite of a large swing in real output growth in the bubble and bust period, aggregate prices remained relatively stable in Japan. Empirical results show that such price rigidity can be explained by the customer market model combined with financial constraints. The degree of financial...

In this paper, we empirically examine the portfolio-rebalancing effects stemming from the policy of "quantitative monetary easing" recently undertaken by the Bank of Japan when the nominal short-term interest rate was virtually at zero. Portfolio-rebalancing effects resulting from the open...

This article analyses the interplay between the firm's logic of action towards older workers and public policy in Japan. It is based on a case study of the Toyota Motor Corporation, using data collected by questionnaire and interview surveys conducted in 1994 and 2002. Toyota's behaviour towards...