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The Industry Origins of Japanese Economic Growth

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  • Dale W. Jorgenson
  • Koji Nomura

Abstract

This paper presents new data on the sources of growth for the Japanese economy over the period 1960- 2000. The principal innovation is the incorporation of detailed information for individual industries, including those involved in the production of computers, communications equipment, and electronic components as information technology equipment. We show that economic growth is dominated by investments and productivity growth in information technology, both for individual industries and the economy as a whole. We also show that the revival of total factor productivity growth accounts for the modest resurgence of the Japanese economy since 1995.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 11800.

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Date of creation: Nov 2005
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Publication status: published as Jorgenson, Dale W. and Koji Nomura. "The Industry Origins Of Japanese Economic Growth," Journal of the Japanese and International Economies, 2005, v19(4,Dec), 482-542.
Handle: RePEc:nbr:nberwo:11800

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  1. Berndt, Ernst R. & Fuss, Melvyn A., 1986. "Productivity measurement with adjustments for variations in capacity utilization and other forms of temporary equilibrium," Journal of Econometrics, Elsevier, Elsevier, vol. 33(1-2), pages 7-29.
  2. Basu, Susanto & Fernald, John G., 1995. "Are apparent productive spillovers a figment of specification error?," Journal of Monetary Economics, Elsevier, Elsevier, vol. 36(1), pages 165-188, August.
  3. Basu, Susanto & Fernald, John G, 1997. "Returns to Scale in U.S. Production: Estimates and Implications," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 105(2), pages 249-83, April.
  4. Stephen D. Oliner, 1993. "Constant-Quality Price Change , Depreciation, and Retirement of Mainframe Computers," NBER Chapters, in: Price Measurements and Their Uses, pages 19-62 National Bureau of Economic Research, Inc.
  5. Stephen D. Oliner & Daniel E. Sichel, 2000. "The Resurgence of Growth in the Late 1990s: Is Information Technology the Story?," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 14(4), pages 3-22, Fall.
  6. Kyoji Fukao & Tomohiko Inui & Hiroki Kawai & Tsutomu Miyagawa, 2004. "Sectoral Productivity and Economic Growth in Japan, 1970-98: An Empirical Analysis Based on the JIP Database," Hi-Stat Discussion Paper Series, Institute of Economic Research, Hitotsubashi University d03-19, Institute of Economic Research, Hitotsubashi University.
  7. Bruce T. Grimm & Brent R. Moulton & David B. Wasshausen, 2005. "Information-Processing Equipment and Software in the National Accounts," NBER Chapters, in: Measuring Capital in the New Economy, pages 363-402 National Bureau of Economic Research, Inc.
  8. Susanto Basu & John G. Fernald & Matthew D. Shapiro, 2001. "Productivity Growth in the 1990s: Technology, Utilization, or Adjustment?," NBER Working Papers 8359, National Bureau of Economic Research, Inc.
  9. Jeremy I. Bulow & Lawrence H. Summers, 1982. "The Taxation of Risky Assets," NBER Working Papers 0897, National Bureau of Economic Research, Inc.
  10. Ellen Dulberger, 1993. "Sources of Price Decline in Computer Processors : Selected Electronic Components," NBER Chapters, in: Price Measurements and Their Uses, pages 103-124 National Bureau of Economic Research, Inc.
  11. Dale W. Jorgenson, 1996. "Investment - Vol. 1: Capital Theory and Investment Behavior," MIT Press Books, The MIT Press, The MIT Press, edition 1, volume 1, number 0262100568, December.
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Cited by:
  1. Robert W. Fogel, 2008. "The Impact of the Asian Miracle on the Theory of Economic Growth," NBER Chapters, in: Understanding Long-Run Economic Growth: Geography, Institutions, and the Knowledge Economy, pages 311-354 National Bureau of Economic Research, Inc.
  2. Philippe Bacchetta & Eric van Wincoop, 2006. "Incomplete information processing: a solution to the forward discount puzzle," Proceedings, Federal Reserve Bank of San Francisco, Federal Reserve Bank of San Francisco, issue Jun.
  3. Robert Dekle & Guillaume Vandenbroucke, 2006. "A quantitative analysis of China’s structural transformation," Working Paper Series, Federal Reserve Bank of San Francisco 2006-37, Federal Reserve Bank of San Francisco.
  4. Dale W. Jorgenson & Kazuyuki Motohashi, 2005. "Information Technology and the Japanese Economy," NBER Working Papers 11801, National Bureau of Economic Research, Inc.
  5. Lee, Chien-Chiang & Chen, Mei-Ping & Chang, Chi-Hung, 2013. "Dynamic relationships between industry returns and stock market returns," The North American Journal of Economics and Finance, Elsevier, Elsevier, vol. 26(C), pages 119-144.
  6. Ashish Arora & Lee G. Branstetter & Matej Drev, 2013. "Going Soft: How the Rise of Software-Based Innovation Led to the Decline of Japan's IT Industry and the Resurgence of Silicon Valley," The Review of Economics and Statistics, MIT Press, vol. 95(3), pages 757-775, July.
  7. Fumio Hayashi & Koji Nomura, 2005. "Can IT be Japan's Savior?," NBER Working Papers 11749, National Bureau of Economic Research, Inc.
  8. Schreyer, Paul, 2009. "User costs and bubbles in land markets," Journal of Housing Economics, Elsevier, Elsevier, vol. 18(3), pages 267-272, September.
  9. Shimpo, Kazushige, 2005. "Interindustry effects of productivity growth in Japan: 1960-2000," Journal of the Japanese and International Economies, Elsevier, vol. 19(4), pages 568-585, December.
  10. Hara, Naoko & Ichiue, Hibiki, 2011. "Real-time analysis on Japan's labor productivity," Journal of the Japanese and International Economies, Elsevier, vol. 25(2), pages 107-130, June.
  11. Tatsuyoshi Miyakoshi & Pekka Ilmakunnas, 2009. "What decreases the TFP ? The aging labor and ICT imbalance," Discussion Papers in Economics and Business 09-03, Osaka University, Graduate School of Economics and Osaka School of International Public Policy (OSIPP).

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