Did Takahashi Korekiyo Rescue Japan from the Great Depression?
利用结构向量自回归分析月度数据，量化评估高桥是清在大萧条期间采取的债务融资财政扩张政策对日本经济复苏的实际贡献，并控制其他因素如汇率冲击和全球复苏的影响。
Takahashi Korekiyo is remembered as a wise finance minister saving Japan from the Great Depression. The contribution of his policy measures however remains to be rigorously measured, with proper control of other forces also driving the recovery. Structural vector autoregression analysis of previously unexploited monthly data confirms the pivotal role of Takahashi's debt-financed fiscal expansion. Monetizing the public debts, the Bank of Japan maintained a neutral stance. The recovery was aided by exchange-rate shocks generated during the transition from the gold standard to the floating-exchange-rate regime and, to a smaller extent, by the world recovery.