1. The Bubble and the Lost Decade: Gary R. Saxonhouse and Robert M. Stern (both University of Michigan).
2. Retrospective on the Bubble Period and its Relationship to Developments in the 1990s: Takatoshi Ito (University of Tokyo).
3. Why Does the Problem Persist? ‘Rational Rigidity’ and the Plight of Japanese Banks: Kiyohiko G. Nishimura (University of Tokyo) and Yuko Kawamoto (McKinsey & Company, Japan).
4. Japan’s Fiscal Policies in the 1990s: Toshihiro Ihori (University of Tokyo), Toru Nakazato (Sophia University, Tokyo), and Masumi Kawade (University of Tokyo).
5. Japan’s Negative Risk Premium in Interest Rates: The Liquidity Trap and the Fall in Bank Lending: Rishi Goyal (International Monetary Fund) and Ronald McKinnon (Stanford University).
6. Japan’s Lost Decade and its Financial System: Mitsuhiro Fukao (Keio University, Tokyo).