A neoclassical analysis of the postwar Japanese economy

Keisuke Otsu

doi:10.2202/1935-1690.1769

A neoclassical analysis of the postwar Japanese economy

Keisuke Otsu

Research output: Contribution to journal › Article › peer-review

4 Citations (Scopus)

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.

Original language	English
Article number	20
Journal	B.E. Journal of Macroeconomics
Volume	9
Issue number	1
DOIs	https://doi.org/10.2202/1935-1690.1769
Publication status	Published - 2009
Externally published	Yes

Keywords

Neoclassical growth model
Postwar Japanese growth
TFP

ASJC Scopus subject areas

Economics and Econometrics

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A neoclassical analysis of the postwar Japanese economy

Abstract

Keywords

ASJC Scopus subject areas

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