Arbeitspapier
Growth, secular stagnation and wealth preference
In 1960s - 1980s Japan enjoyed high economic growth. In the early 1990s, however, the growth rate drastically declined and thereafter Japan has been suffering secular stagnation. This paper proposes a dynamic macroeconomic model that can consistently explain such a drastic change in economic performance. Wealth preference plays an important role. In the early stage consumption grows at the same pace as productivity increases. Once consumption reaches a certain level, however, it deviates from the full-employment level and aggregate demand deficiency appears. After that the economic growth rate asymptotically approaches zero even if productivity keeps on increasing, and secular stagnation arises.
- Sprache
-
Englisch
- Erschienen in
-
Series: ISER Discussion Paper ; No. 946
- Klassifikation
-
Wirtschaft
Business Fluctuations; Cycles
General Aggregative Models: Neoclassical
- Thema
-
long-run stagnation
aggregate demand deficiency
wealth preference
fair wages
economic growth
Japan
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Ono, Yoshiyasu
- Ereignis
-
Veröffentlichung
- (wer)
-
Osaka University, Institute of Social and Economic Research (ISER)
- (wo)
-
Osaka
- (wann)
-
2015
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:46 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Ono, Yoshiyasu
- Osaka University, Institute of Social and Economic Research (ISER)
Entstanden
- 2015
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