Growth, Secular Stagnation and Wealth Preference

Material type: 文書・図像類

Author: Ono, Yoshiyasu

Publisher: The Institute of Social and Economic Research, Osaka University

Publication date: 2015-08

Material Format: Paper

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Note (General)：: In 1960s-1980s Japan enjoyed high economic growth. In the early 1990s, however, the growth rate drastically declined and thereafter Japan has been suf...

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Paper

Material Type: 文書・図像類
Title: Growth, Secular Stagnation and Wealth Preference
Author/Editor: Ono, Yoshiyasu
Author Heading: Ono, Yoshiyasu
https://nrid.nii.ac.jp/nrid/1000070130763
Publication, Distribution, etc.: The Institute of Social and Economic Research, Osaka University
Publication Date: 2015-08
Publication Date (W3CDTF): 2015-08
Periodical title: Institute of Social and Economic Research Discussion Papers
No. or year of volume/issue: 946
Volume: 946
Pages: 1-26
Text Language Code: eng
Subject Heading: Long-run stagnation
aggregate demand deficiency
wealth preference
fair wages
economic growth
Target Audience: 一般
Note (General): 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.
References (URI): URI
http://www.iser.osaka-u.ac.jp/library/dp/2015/DP0946.pdf
Data Provider (Database): 国立情報学研究所 : 学術機関リポジトリデータベース（IRDB）（機関リポジトリ）
https://irdb.nii.ac.jp
Original Data Provider (Database): 大阪大学 : 大阪大学学術情報庫　桜華