An empirical approach to understanding Japan’s secular stagnation through Austrian business cycle theory
| Autor: | Bc. Daniel Kessl |
|---|---|
| Rok: | 2017 - letní |
| Vedoucí: | MPhil Pavel Ryska Ph.D. |
| Konzultant: | |
| Typ práce: | Bakalářská |
| Jazyk: | Anglicky |
| Stránky: | 34 |
| Ocenění: | |
| Odkaz: | https://is.cuni.cz/webapps/zzp/detail/185467/ |
| Abstrakt: | The present thesis estimates an econometric model based on the Austrian business cycle theory on data from the ‘lost decades’ in Japan – a period of economic stagnation from 1990 to 2010. The results show a negative significant effect both of the ratio of consumption to investment expenditure and the term spread on aggregate economic activity, a result consistent with the expectations and with other empirical studies done on the subject. Overall, the estimation confirms the hypothesis of Austrian business cycle theory that monetary shocks explain business cycles. |
