Decline in Banking System Functioning, Deflation Expectations, and Money Multiplier: Why Did the Japanese Economy Stagnate? (in Japanese)

Yutaka Harada

Economic Analysis, 2005, vol. 177, 48

Abstract: It is shown theoretically and empirically that a disruption of bank health may cause a decline in the credit multiplier. Our VAR analysis shows that a negative shock to the bank stock prices causes a contraction in the money supply.

Date: 2005
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