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The Age of Balance Sheet Recessions:What Post-2008 U.S., Europe and ChinaCan Learn from Japan 1990-2005
Richard C. KooChief EconomistNomura Research InstituteTokyoApril 2010
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Exhibit 1. US Housing Prices Are Moving alongthe Japanese Experience
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Exhibit 2. Drastic Rate Cuts Have Done Little to ReviveEconomies or House Prices
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