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An empirical approach to understanding Japan's secular stagnation through Austrian business cycle theory
Kessl, Daniel ; Ryska, Pavel (advisor) ; Moravcová, Hana (referee)
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. JEL Classifications B25, C22, C52, E32, E43 Keywords Austrian business cycle theory, Japan, linear regression, time series models, business cycles Author's e-mail 80022787@fsv.cuni.cz Supervisor's e-mail pavel_ryska@volny.cz
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