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Autor:innen: 
Erscheinungsjahr: 
2015
Schriftenreihe/Nr.: 
ISER Discussion Paper No. 946
Verlag: 
Osaka University, Institute of Social and Economic Research (ISER), Osaka
Zusammenfassung: 
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.
Schlagwörter: 
long-run stagnation
aggregate demand deficiency
wealth preference
fair wages
economic growth
Japan
JEL: 
E32
E13
Dokumentart: 
Working Paper

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