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Identifier to cite or link to this item: https://hdl.handle.net/10086/13992

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Title
The Role of Preconceived Ideas in Macroeconomic Policy: Japan's Experiences in Two Deflationary Periods
Creator
Creator Name
Hamada, Koichi Hamada, Koichi
浜田, 宏一 浜田, 宏一
ハマダ, コウイチ ハマダ, コウイチ
Affiliation
Affiliation Name
Yale University
Creator Name
Noguchi, Asahi Noguchi, Asahi
野口, 旭 野口, 旭
ノグチ, アサヒ ノグチ, アサヒ
Affiliation
Affiliation Name
Senshu University
Editor
Contributor Name
社会科学における統計分析拠点構築 = Research Unit for Statistical Analysis in Social Sciences
Abstract
This paper examines the role of misleading economic ideas that most likely promoted the economic disasters of the two deflationary periods in Japanese economic history. Misleading ideas deepened the depression during the interwar years, and erroneous thinking has prolonged the stagnation of the Japanese economy since the 1990s. While the current framework of political economy is based on the self-interest of political agents as well as of voters, we highlight the role of ideas in policy making, in particular, in the field of macro-economy where the incidence of a particular policy is not clear to the public. Using two significant examples, this paper illustrates the role of preconceived ideas, in contrast to economic interests, as dominant forces influencing economic policy making.
Publisher
Institute of Economic Research, Hitotsubashi University
Issued Date
2005-06
Language
English(eng)
Resource Type
technical report
Version Type
VoR
Is Part OfRelation -
Related Title
Hi-Stat Discussion paper series ; No. d05-97
Relation
Related Identifier
URI
  http://21coe.ier.hit-u.ac.jp/english/index.html
Number of Pages
44
Sponsorship
21世紀COEプログラム = 21st-Century COE Program
Appears in Collections
Hi-Stat Discussion paper series
URL
https://hdl.handle.net/10086/13992