Contents -- Foreword -- Preface -- Contributors -- Chapter 1. Introduction -- 1. A Tour of the Book -- 2. The United States and Japanese Collapses: Differences and Similarities -- 3. Primary Findings -- References -- Chapter 2. The Japanese Asset Price Bubble -- 1. Rationalizing the Japa nese Bubble: The Gordon Formula Under Homogeneous Beliefs -- 2. Heterogeneous Beliefs, Survey Data, and the Japa nese Bubble -- 3. Conclusion -- Acknowledgment -- References -- Chapter 3. Time of Troubles -- 1. Overview of Japan's Monetary Experience -- 2. Real Interest Differentials, Natural Real Rates, and the Real Exchange Rate -- 3. Patterns in Nominal and Real Exchange Rates Since 1988 -- 4. Long Run Trends in the Yen: The Role of Productivity Growth -- 5. Long-Term Trends in the Yen: International Trade -- 6. Conclusion -- Acknowledgments -- References -- Chapter 4. The Japan-US Exchange Rate, Productivity, and the Competitiveness of Japanese Industries -- 1. Changing Relative Average Production Costs Since 1985 -- 2. The Model -- 2.3. Sectoral Average Costs and Employment Shares -- 3. Conclusion -- Acknowledgments -- References -- Chapter 5. International Financial Integration and Japanese Economic Performance -- 1. International Financial Integration -- 2. Tests of International Financial Integration -- 3. International Financial Integration and the Exchange Rate -- 4. Foreign Currency Reserves -- 5. Macroeconomic Impact of Financial Globalization -- 6. Conclusions -- Ac know ledg ment -- References -- Chapter 6. Consumption, Land Prices, and the Monetary Transmission Mechanism in Japan -- 1. An Overview of Our Results -- 2. Theoretical Foundations of the Consumption Function -- 3. Empirical Results for Consumption -- 4. Empirical Results for Debt -- 5. Conclusion -- Ac know ledg ments -- References.

Chapter 7. The Japanese Employment System after the Bubble Burst -- 1. Data and Prior Studies -- 2. Changes in 10-year Job Retention Rates Before and After the Bubble Burst -- 3. Cohort Analysis of New Graduate Hires -- 4. Non-Standard Employment -- 5. Changes in Other Elements of the System -- 6. Downsizing Within the System -- 7. Conclusions -- Acknowledgments -- References -- Chapter 8. Labor Immobility in Japan -- 1. The Japanese Labor Market -- 2. Major Shocks -- 3. Factor Specificity and Immobility -- 4. A Model of Competitive Search -- 5. The Impacts of Macroscopic Technology Shocks -- 6. Model Calibration -- 7. Conclusion -- Acknowledgments -- References -- Chapter 9. The Changing Role of Main Banks in Aiding Distressed Firms in Japan -- 1. Background -- 2. Data and Methods -- 3. Empirical Results -- 4. Conclusions -- Ac know ledg ments -- References -- Chapter 10. Corporate Restructuring in Japan during the Lost Decade -- 1. Changes in Corporate Restructuring -- 2. Database and Overview Statistics -- 3. Data Analysis and Findings -- 4. Conclusions -- Acknowledgments -- References -- Chapter 11. An Exploration of the Japanese Slowdown during the 1990s -- 1. Facts -- 2. The Model -- 3. Model Simulations -- 4. Conclusion -- Acknowledgments -- References -- Index.