Japan's lost decade: Does money have a role?

We study the contribution of the stock of money to the macroeconomic outcomesof the 1990s in Japan using a small scale structural model. Likelihood-basedestimates of the parameters are provided and time stabilities of the structural relationshipsanalyzed. Real balances are statistically important for output and inflationfluctuations and their role has changed over time. Models which give moneyno role give a distorted representation of the sources of cyclical fluctuations. Thesevere stagnation and the long deflation are driven by different causes.

From the 'Miracle' to the 'Lost Decade': intersectoral transfers and external credit in the Brazilian economy

The present paper examines the Brazilian experience from the 'Economic Miracle' to the 'Lost Decade'. Its aim is to advance an alternative measurement of the flows of extraordinary wealth (i.e. ground-rent and net external credit) available for appropriation in the Brazilian economy and to asses their relevance in sustaining the process of accumulation of industrial capital. That is done in order to provide further and more accurate evidence to the claim that the evolution of the Brazilian process of capital accumulation has been extremely dependent on the evolution of those masses of extraordinary wealth.

Hawtreyan “Credit Deadlock” or Keynesian “Liquidity Trap”? Lessons for Japan from the Great Depression

This paper outlines the ideas of Ralph Hawtrey and Lauchlin Currie on the need for monetised fiscal deficit spending in 1930s USA to combat the deep depression into which the economy had been allowed to sink. In such exceptional circumstances of “credit deadlock” in which banks were afraid to lend and households and business afraid to borrow, the deadlock could best be broken through the spending of new money into circulation via large fiscal deficits. This complementarity of fiscal and monetary policy was shown to be essential, and as such indicates the potential power of monetary policy – in contrast to the Keynesian “liquidity trap” view that it is powerless This lesson was not learned by the Japanese authorities in their response to the asset price collapse of 1991-92, resulting in a lost decade as ballooning fiscal deficits were neutralised throughout the 1990s by unhelpfully tight monetary policy with the Bank of Japan refusing to monetise the deficits.

Safety Traps

Fear of risk provides a rationale for protracted economic downturns. We develop a real business cycle model where investors with decreasing relative risk aversion choose between a risky and a safe technology that exhibit decreasing returns. Because of a feedback effect from the interest rate to risk aversion, two equilibria can emerge: a standard equilibrium and a "safe" one in which investors invest in safer assets. We refer to the dynamics of this second equilibrium as a safety trap because it is self-reinforcing as investors accumulate more wealth and show it to be consistent with Japan's lost decade.

Preliminary Overview of the Economies of Latin America and the Caribbean 2002

Includes bibliography

Growth with stability: financing for development in the new international context

Includes bibliography

Modeling regional macroeconomic interactions: situation and perspectives for macroeconomic coordination in Latin America. Background paper prepared for the REDIMA workshop on Modeling Macroeconomic Coordination in the Andean Community, (Santiago, Chile 22 October 2003)""

Includes bibliography

Two decades of adjustment and agricultural development in Latin America and the Caribbean

Includes bibliography

Two decades of adjustment and agricultural development in Latin America and the Caribbean

Includes bibliography

A crise econômica no Japão após os anos 90

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Regional integration in Latin America, globalization and South-South trade

Includes bibliography

ECLAC Notes Nº 24

Economic Growth in Latin America and the Caribbean Will Be Negative in 2002 Regional Repercussions of the Argentine Crisis Op-ed: Half a Lost Decade, by José Antonio Ocampo, Executive Secretary of ECLAC Highlights: Investing in Sustainable Development Indicators Women's Participation in State Reform Recent titles and calendar of events

Estudo sobre os determinantes do investimento na indústria de transformação brasileira: análise setorial para o período de 1996 a 2012

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Gone with the internet - How the old education was lost

Despite its young history, Computer Science Education has seen a number of "revolutions". Being a veteran in the field, the author reflects on the many changes he has seen in computing and its teaching. The intent of this personal collection is to point out that most revolutions came unforeseen and that many of the new learning initiatives, despite high financial input, ultimately failed. The author then considers the current revolution (MOOC, inverted lectures, peer instruction, game design) and, based on the lessons learned earlier, argues why video recording is so successful. Given the fact that this is the decade we lost print (papers, printed books, book shops, libraries), the author then conjectures that the impact of the Internet will make this revolution different from previous ones in that most of the changes are irreversible. As a consequence he warns against storming ahead blindly and suggests to conserve - while it is still possible - valuable components of what might soon be called the antebellum age of education.