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A Neoclassical Analysis of the Postwar Japanese Economy

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  • Otsu Keisuke

    ()
    (Sophia University)

Abstract

Two key features of the postwar Japanese economy are the rapid economic growth during the 1960's and early 70's and the decline in labor supply during the rapid growth period. Taking the capital stock destruction and total factor productivity (TFP) as given, a standard neoclassical optimal growth model can account for the growth patterns of postwar Japanese capital stock, output, consumption, and investment. The decline in labor during the rapid growth period can be attributed to an income effect that occurs as household consumption rises above its subsistence level in this period.

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Bibliographic Info

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

Volume (Year): 9 (2009)
Issue (Month): 1 (May)
Pages: 1-30

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Handle: RePEc:bpj:bejmac:v:9:y:2009:i:1:n:20

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Cited by:
  1. Aoki, Shuhei, 2011. "A Model of Technology Transfer in Japan's Rapid Economic Growth Period," MPRA Paper 29235, University Library of Munich, Germany.
  2. Shuhei Aoki & Julen Esteban-Pretel & Tetsuji Okazaki & Yasuyuki Sawada, 2009. "The Role of the Government in Facilitating TFP Growth during Japan's Rapid Growth Era," CIRJE F-Series CIRJE-F-622, CIRJE, Faculty of Economics, University of Tokyo.
  3. Ippei Fujiwara, 2013. "The global impact of Chinese growth," Asia Pacific Economic Papers 399, Australia-Japan Research Centre, Crawford School of Public Policy, The Australian National University.
  4. Ko, Jun-Hyung, 2011. "Has the Government Lowered the Hours Worked? Evidence from Japan," MPRA Paper 30058, University Library of Munich, Germany.
  5. Takeshi Niizeki, 2012. "Energy-Saving Technological Change in Japan," Global COE Hi-Stat Discussion Paper Series gd11-218, Institute of Economic Research, Hitotsubashi University.

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