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 |
| Publication status | Published - 2009 |
| Externally published | Yes |
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Keywords
- Neoclassical growth model
- Postwar Japanese growth
- TFP
ASJC Scopus subject areas
- Economics and Econometrics
Cite this
A neoclassical analysis of the postwar Japanese economy. / Otsu, Keisuke.
In: B.E. Journal of Macroeconomics, Vol. 9, No. 1, 20, 2009.Research output: Contribution to journal › Article
}
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
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UR - http://www.scopus.com/inward/citedby.url?scp=67650989238&partnerID=8YFLogxK
M3 - Article
VL - 9
JO - B.E. Journal of Macroeconomics
JF - B.E. Journal of Macroeconomics
SN - 1935-1690
IS - 1
M1 - 20
ER -