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A Neoclassical Analysis of the Postwar Japanese Economy

  • Keisuke Otsu

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

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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File URL: http://www.imes.boj.or.jp/research/papers/english/07-E-01.pdf
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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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  1. Lawrence J. Christiano, 1989. "Understanding Japan's saving rate: the reconstruction hypothesis," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Spr, pages 10-25.
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