Reallocation and Productivity Growth in Japan: Revisiting the Lost Decade of the 1990s: Working Paper 2006-02
Naomi Griffin and
Kazuhiko Odaki ()
No 17603, Working Papers from Congressional Budget Office
Hayashi and Prescott (2002) argue that the so-called lost decade of the 1990s in Japan is explained by the slowdown in exogenous total factor productivity (TFP) growth rates. At the same time, some have suggested that Japanese banksâ€™ support for inefficient firms prolonged recession, by reducing productivity through misallocation of resources and interference with entry and exit mechanisms. Using firm-level data between 1969 and 1996, this paper investigates the micro-reallocation mechanisms to disentangle the factors behind the slowdown in productivity growth during the
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