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Japan's Bubble, Deflation, and Long-term Stagnation$
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Koichi Hamada, Anil K Kashyap, and David E. Weinstein

Print publication date: 2010

Print ISBN-13: 9780262014892

Published to MIT Press Scholarship Online: August 2013

DOI: 10.7551/mitpress/9780262014892.001.0001

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The Japanese Asset Price Bubble: A Heterogeneous Approach

The Japanese Asset Price Bubble: A Heterogeneous Approach

Chapter:
(p.17) 2 The Japanese Asset Price Bubble: A Heterogeneous Approach
Source:
Japan's Bubble, Deflation, and Long-term Stagnation
Author(s):

Robert Barsky

Publisher:
The MIT Press
DOI:10.7551/mitpress/9780262014892.003.0002

This chapter examines the evolution of asset prices, particularly stock prices, in Japan, discussing in particular the so-called Japanese Bubble, whereby asset prices soared in 1985–1989 before collapsing in 1990–1995. It explores the role of heterogeneous expectations in the implosion of asset prices in the context of real interest rates in the mid-1980s and the concurrent uncertainty over productivity. Drawing on data on consumption, the chapter considers the impact of the homogeneous and heterogeneous beliefs of investors on stock and land prices as well as aggregate consumption relative to income.

Keywords:   asset prices, stock prices, Japan, Japanese Bubble, interest rates, investors, land prices, aggregate consumption, income

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