Productivity Slowdown in Japan's Lost Decades: How Much of It Can Be Attributed to Damaged Balance Sheets?*
通过构建包含信贷约束和投入产出结构的新凯恩斯模型，分析日本1990年代金融危机中受损的资产负债表如何通过多种渠道降低全要素生产率，并利用日本数据估计模型，发现金融机构资产负债表受到的负面冲击是生产率下降的重要原因。
Abstract After the global financial crisis, slowdowns of total factor productivity (TFP), often measured as the Solow residual, have been observed across major countries. This study offers an explanation for this by focusing on Japan's financial crises during the 1990s. We first incorporate credit constraints, for financial intermediaries (FIs) and firms, and input–output structure into the standard New Keynesian model, and show that the model delivers multiple channels through which damaged balance sheets reduce measured TFP. We then estimate the model using Japanese data, and show that adverse shocks to FIs' balance sheets played a substantial role in lowering measured TFP.