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A Neoclassical Analysis of the Postwar Japanese Economy

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  • Keisuke Otsu

    (Institute for Monetary and Economic Studies, Bank of Japan (E-mail: keisuke.ootsu@boj.or.jp))

Abstract

Two key features of the postwar Japanese economy are the delay of catch up during the 50s followed by rapid economic growth during the 60s and early 70s and the consistent decline in labor supply during the rapid growth period. A standard neoclassical growth model can quantitatively account for the Japanese postwar growth patterns of capital, output, consumption and investment taking the destruction of capital stock during the war and postwar TFP growth as given. The decline in labor can be explained by strong income effects caused by subsistence consumption during the rapidly growing period.

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Bibliographic Info

Paper provided by Institute for Monetary and Economic Studies, Bank of Japan in its series IMES Discussion Paper Series with number 07-E-01.

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Date of creation: Jan 2007
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Handle: RePEc:ime:imedps:07-e-01

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Keywords: E13; O40;

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Cited by:
  1. Ippei Fujiwara & Keisuke Otsu & Masashi Saito, 2011. "The Global Impact of Chinese Growth," Studies in Economics 1115, Department of Economics, University of Kent.
  2. Ko, Jun-Hyung, 2011. "Has the Government Lowered the Hours Worked? Evidence from Japan," MPRA Paper 30058, University Library of Munich, Germany.
  3. Takeshi Niizeki, 2012. "Energy-Saving Technological Change in Japan," Global COE Hi-Stat Discussion Paper Series gd11-218, Institute of Economic Research, Hitotsubashi University.
  4. Aoki, Shuhei, 2011. "A Model of Technology Transfer in Japan's Rapid Economic Growth Period," IIR Working Paper 11-05, Institute of Innovation Research, Hitotsubashi University.
  5. 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.

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