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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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Labor Immobility in Japan: Its Causes and Consequences

Labor Immobility in Japan: Its Causes and Consequences

(p.263) 8 Labor Immobility in Japan: Its Causes and Consequences
Japan's Bubble, Deflation, and Long-term Stagnation

Kenn Ariga

Ryosuke Okazawa

The MIT Press

The bursting of Japan’s economic bubble in the early 1990s led to economic stagnation and profoundly affected the labor market. In particular, an apparent rigidity of core employment, a rapid increase in the number of non-core workers, a drifting Beveridge Curve, and stagnant productivity have altered the Japanese labor market for nearly twenty years since the bubble burst. This chapter examines the rise of part-time and temporary employment in Japan. It looks at the dramatic change in employment relations in the country, focusing on the decline in job retention rates for full-time positions and in the share of the labor force in “core” (full-time, regular) positions. The chapter considers the slow increase in non-core jobs and the persistently high unemployment rates, as well as the role of the real exchange rate appreciation of the yen between 1990 and 1995. Finally, it asesses the effects of a variety of subsidy programs on employment, job creation, and training.

Keywords:   labor market, productivity, temporary employment, job retention rates, labor force, unemployment, exchange rate, subsidy programs, training, Japan

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