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

Faculty of Business and Commerce

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

Keywords

Neoclassical growth model
Postwar Japanese growth
TFP

ASJC Scopus subject areas

Economics and Econometrics

Access to Document

10.2202/1935-1690.1769

Fingerprint Dive into the research topics of 'A neoclassical analysis of the postwar Japanese economy'. Together they form a unique fingerprint.

Cite this

@article{d51742b53c4445c4b983c2b04481c383,

title = "A neoclassical analysis of the postwar Japanese economy",

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.",

keywords = "Neoclassical growth model, Postwar Japanese growth, TFP",

author = "Keisuke Otsu",

year = "2009",

doi = "10.2202/1935-1690.1769",

language = "English",

volume = "9",

journal = "B.E. Journal of Macroeconomics",

issn = "1935-1690",

publisher = "Berkeley Electronic Press",

number = "1",

}

TY - JOUR

T1 - A neoclassical analysis of the postwar Japanese economy

AU - Otsu, Keisuke

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

UR - http://www.scopus.com/inward/record.url?scp=67650989238&partnerID=8YFLogxK

UR - http://www.scopus.com/inward/citedby.url?scp=67650989238&partnerID=8YFLogxK

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 -