Japanese growth and stagnation: A Keynesian perspective

Arbeitspapier

This paper uses a modi.ed Harrodian model to understand both the long period of rapid Japanese growth and the recent period of stagnation. The model has multiple steady-growth solutions when the labour supply is highly elastic, and government intervention, we argue, took the Japanese economy onto a high-growth trajectory. Labour constraints began to appear around 1970, and a combination of high saving rates and slow population growth account for the stagnation of the 1990s. This combination produces a structural liquidity trap and threatens the sustainability of attempts to ensure near full employment through fiscal policy or by running a persistent trade surplus.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: Working Paper ; No. 2006-04

Klassifikation und Themen

• Klassifikation: Wirtschaft ; General Aggregative Models: Keynes; Keynesian; Post-Keynesian ; Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy ; Economywide Country Studies: Asia including Middle East
• Thema: Japan ; growth ; stagnation ; liquidity trap ; public debt ; multiple equilibria ; Wirtschaftswachstum ; Stagnation ; Liquiditätspräferenz ; Öffentliche Schulden ; Japan

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Nakatani, Takeshi ; Skott, Peter
• Ereignis: Veröffentlichung
• (wer): University of Massachusetts, Department of Economics
• (wo): Amherst, MA
• (wann): 2006

Weitere Informationen

• Handle: http://hdl.handle.net/10419/64200
• Letzte Aktualisierung: 10.03.2025, 11:43 MEZ