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The Japanese Depression in the Interwar Period: A General Equilibrium Analysis

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  • Saijo Hikaru

    ()
    (University of Pennsylvania and University of Tokyo)

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    Abstract

    This paper studies the Japanese depression in the interwar period using the business cycle accounting methodology and a general equilibrium model with time-varying markups. I find that the initial slowdown of the economy can be explained by a decline in productivity. However, I also find that when only productivity change is taken into account, a prototype neoclassical growth model predicts that in the 1930s, output recovers more rapidly than is actually supported by the data. Using restrictions from theory, I quantify the contribution of an increase in markups in the manufacturing and mining sectors and find that a substantial fraction of the weak recovery can be explained by this factor. I argue that this increase in markups is caused by government-promoted cartelization.

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    File URL: http://www.degruyter.com/view/j/bejm.2008.8.1/bejm.2008.8.1.1614/bejm.2008.8.1.1614.xml?format=INT
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    Bibliographic Info

    Article provided by De Gruyter in its journal The B.E. Journal of Macroeconomics.

    Volume (Year): 8 (2008)
    Issue (Month): 1 (September)
    Pages: 1-26

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    Handle: RePEc:bpj:bejmac:v:8:y:2008:i:1:n:25

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    Web page: http://www.degruyter.com

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