Interindustry effects of productivity growth in Japan: 1960-2000

研究成果: Article

4 引用 (Scopus)

抄録

Combining conventional sectoral growth accounting and the static open input-output price model, we analyze the sources of growth of product prices in Japan during the period 1960-2000. Using the input-output framework, we take into account not only the effects of factor costs and productivity within a sector, but also their impacts outside of the sector. We find that Japan's deflation in the 1990s was characterized by low growth of wage rates, low productivity growth, and a low rate of return on capital. Until 1990, productivity improvements compensated for factor cost pressures on output price, especially the rapid growth of labor cost. In contrast, during the 1990s, decreasing rates of return on capital, not productivity improvements, canceled out the inflationary effect of wage growth.

元の言語English
ページ(範囲)568-585
ページ数18
ジャーナルJournal of the Japanese and International Economies
19
発行部数4
DOI
出版物ステータスPublished - 2005 12

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productivity
Japan
cost factor
wage
deflation
labor costs
Productivity growth
Factors
Productivity improvement
Costs
Rate of return
Labour costs
Growth accounting
Wage growth
Productivity
Deflation
Wage rate

ASJC Scopus subject areas

  • Economics and Econometrics
  • Finance

これを引用

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AB - Combining conventional sectoral growth accounting and the static open input-output price model, we analyze the sources of growth of product prices in Japan during the period 1960-2000. Using the input-output framework, we take into account not only the effects of factor costs and productivity within a sector, but also their impacts outside of the sector. We find that Japan's deflation in the 1990s was characterized by low growth of wage rates, low productivity growth, and a low rate of return on capital. Until 1990, productivity improvements compensated for factor cost pressures on output price, especially the rapid growth of labor cost. In contrast, during the 1990s, decreasing rates of return on capital, not productivity improvements, canceled out the inflationary effect of wage growth.

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