Abstract
While Japan's postwar macroeconomic performance has been impressive, it is less so in the area of cyclical fluctuations—the improvement relative to the prewar period is modest, and the record vis-à-vis other major economies since the 1950s is poor. Diminished volatility in the 1950s and 1960s was due mainly to a stable world economy. Reasons for a relatively disappointing comparative outcome may have been a very high rate of fixed investment demand, which fluctuated sharply, and a macroeconomic policy that through most of the past four decades played a pro- rather than a counter-cyclical role.
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