Japanese asset

Krugman (2009), The Return of Depression Economics and the Crisis of 2008, New York, NY: W. W. Norton & Company,
Inc.

Question will need the reading of Chapter 3, 9 and 11

Chapter 3
1. Explain some of the evidence that Japanese asset values were overpriced.
2. What is a moral hazard? How does it apply to the savings and loan example looked at in class?
3. What is a growth recession?
4. What happened to the Japanese economy?
5. What is a liquidity trap?
6. What did Japan try to do to get out of its growth recession?
Chapter 9
7. What happened to the US housing market?
8. What happened in the shadow banking system?
9. What troubles has the Fed encountered? Why?

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