A Neoclassical Analysis of the Postwar Japanese Economy
No 07-E-01, IMES Discussion Paper Series from Institute for Monetary and Economic Studies, Bank of Japan
Two key features of the postwar Japanese economy are the delay of catch up during the 50s followed by rapid economic growth during the 60s and early 70s and the consistent decline in labor supply during the rapid growth period. A standard neoclassical growth model can quantitatively account for the Japanese postwar growth patterns of capital, output, consumption and investment taking the destruction of capital stock during the war and postwar TFP growth as given. The decline in labor can be explained by strong income effects caused by subsistence consumption during the rapidly growing period.
Keywords: Japanese Postwar Growth; Neoclassical Growth Model; TFP (search for similar items in EconPapers)
JEL-codes: E13 O40 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-dev, nep-dge, nep-his and nep-mac
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Journal Article: A Neoclassical Analysis of the Postwar Japanese Economy (2009)
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Persistent link: https://EconPapers.repec.org/RePEc:ime:imedps:07-e-01
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