TY - JOUR
T1 - A neoclassical analysis of the postwar Japanese economy
AU - Otsu, Keisuke
N1 - Copyright:
Copyright 2018 Elsevier B.V., All rights reserved.
PY - 2009
Y1 - 2009
N2 - 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.
AB - 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.
KW - Neoclassical growth model
KW - Postwar Japanese growth
KW - TFP
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U2 - 10.2202/1935-1690.1769
DO - 10.2202/1935-1690.1769
M3 - Article
AN - SCOPUS:67650989238
VL - 9
JO - B.E. Journal of Macroeconomics
JF - B.E. Journal of Macroeconomics
SN - 1935-1690
IS - 1
M1 - 20
ER -