Japanese growth and stagnation: A Keynesian perspective

Structural Change and Economic Dynamics

Volumn 18, Issue 3, 2007, Pages 306-332

  Nakatani, Takeshi ^a   Skott, Peter ^b  

^a KOBE UNIVERSITY   (Japan)

^b UMass ^*  (United States)

Author keywords

Japanese growth; Liquidity trap; Multiple equilibria; Public debt; Stagnation

Indexed keywords

ECONOMIC GROWTH; EMPLOYMENT; KEYNESIAN THEORY; LABOR SUPPLY; MODELING; SUSTAINABILITY; TRADE;

ASIA; EURASIA; FAR EAST; JAPAN;

EID: 34447104281     PISSN: 0954349X     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.strueco.2007.03.002     Document Type: Article

References (48)

1. In: Aoki M., Kim H., and Okuno M. (Eds). The Role of Government in East Asian Economic Development: Comparative Institutional Analysis (1996), Oxford University Press, New York
2. Chang H.J. Kicking Away the Ladder (2002), Anthem Press
3. Cowling K., and Tomlinson P.R. The Japanese Crisis: a case of strategic failure. Economic Journal 110 464 (2000) 358-381
4. In: Cross R. (Ed). The Natural Rate of Unemployment; Reflections on 25 Years of the Hypothesis (1995), Cambridge University Press, Cambridge
5. Dutt A.K. Stagnation, income distribution and monopoly power. Cambridge Journal of Economics 8 (1984) 24-41
6. Dutt A.K., and Skott P. Keynesian theory and the aggregate-supply/aggregate-demand framework: a defense. Eastern Economic Journal 22 3 (1996) 313-331
7. Fei J.C.H., and Ranis G. Development of the Labour Surplus Economy: Theory and Policy (1964), Richard D. Irwin, Homewood
8. Flaschel P., and Skott P. Steindlian models of growth and stagnation. Metroeconomica 57 3 (2006) 303-338
9. Goodwin R.M. A growth cycle. In: Feinstein C.H. (Ed). Socialism, Capitalism and Growth (1967), CUP
10. Hayashi F., and Prescott E.C. The 1990s in Japan: a lost decade. Review of Economic Dynamics 5 (2002) 206-235
11. Johnson C. MITI The Japanese Miracle: The Growth of Industrial Policy, 1925-1975 (1982), Stanford University Press
12. Kaldor N. Alternative theories of distribution. Review of Economic Studies 23 (1956) 83-100
13. Kaldor N. Marginal productivity and the macroeconomic theories of distribution. Review of Economic Studies 33 (1966) 309-319
14. Kaldor N. Causes of the Slow Rate of Economic Growth in the UK (1966), Cambridge University Press, Cambridge
15. Kaldor N. Introduction. In: Kaldor N. (Ed). Further Essays on Economic Theory (1978), Duckworth
16. Keynes J.M. A Treatise on Money (1930), Macmillan, London/Basingstoke
17. Keynes J.M. The General Theory of Employment, Interest and Money (1936), Macmillan, London/Basingstoke
18. Krugman, P., 1998. It's Baaack: Japan's Slump and the Return of the Liquidity Trap, Brooking's Papers on Economic Activity, vol. 2, pp. 137-205.
19. Levy D., Bergen M., Dutta S., and Venable R. The magnitude of menu costs: direct evidence from large U.S. supermarket chains. Quarterly Journal of Economics 112 (1997) 791-825
20. Lewis W.A. Economic development with unlimited supplies of labour. In: Agarwala A.N., and Singh S.P. (Eds). The Economics of Underdevelopment (1958), Oxford University Press, London
21. Maddison A. The World Economy: Historical Statistics (2003), OECD
22. Marglin S.A. Growth, Distribution and Prices (1984), Harvard University Press
23. Marglin S.A., and Bhaduri A. Profit squeeze and Keynesian theory. In: Marglin S., and Schor J. (Eds). The Golden Age of Capitalism (1990), Clarendon Press, Oxford
24. Minami R. The Turning Point in Economic Development: Japan's Experience (1973), Kinokuniya, Tokyo
25. Minami, R., 2002. NIHON no KEIZAI HATTEN (Japanese Economic Growth). Toyo Keizai Sinpo-sya.
26. Ministry of Education. Growth and Education in Japan (1962), Ministry of Education, Tokyo
27. Ministry of Health, Labour and Welfare. Survey on Economic Conditions of Wage Bargaining (2005), Ministry of Health, Labour and Welfare, Tokyo
28. Ministry of Labour, 1970. The illustrated White Paper of Labour Economy 1970, Shiseido (in Japanese).
29. Morana, C., 2004. Japanese Stagnation: An Assessment of the Productivity Slowdown Hypothesis, Japan and the World Economy, April, 2004.
30. OECD. Economic Outlook, No. 76 (2004), OECD, Paris
31. OECD. Japan. Economic Surveys (2005), OECD, Paris
32. In: Ohkawa K., and Minami R. (Eds). Economic Development of Modern Japan: An Analysis by Long-term Economic Statistics (1975), Toyo-Keizai Sinposya (in Japanese)
33. Poterba, J., 1987. Tax Policy and Corporate Saving. Brookings Papers on Economic Activity, vol. 2, pp. 455-503.
34. Robinson J. The Accumulation of Capital (1956), Macmillan, London and Basingstoke
35. Robinson J. Essays on the Theory of Economic Growth (1962), Macmillan
36. Romer D. Advanced Macroeconomics. 2nd ed. (2001), McGrawHill
37. Rowthorn, R.E., 1981. Thames Papers in Political Economy, Autumn.
38. Schlicht E. Public debt as private wealth: some equilibrium considerations. Metroeconomica 57 4 (2006) 494-520
39. Skott P. On the 'Kaldorian' saving function. Kyklos 34 (1981) 563-581
40. Skott P. Effective demand, class struggle and cyclical growth. International Economic Review 30 (1989) 231-247
41. Skott P. Conflict and Effective Demand in Economic Growth (1989), Cambridge University Press
42. Skott P. Stagflationary consequences of prudent monetary policy in a unionized economy. Oxford Economic Papers 49 (1997) 609-622
43. Skott P. Demand policy in the long run. In: Arestis P., Desai M., and Dow S. (Eds). Money Macroeconomics and Keynes (2001), Routledge 124-139
44. Skott P. Fairness as a source of hysteresis in employment and relative wages. Journal of Economic Behavior and Organization 57 (2005) 305-331
45. Solow R.M. A contribution to the theory of economic growth. Quarterly Journal of Economics 70 (1956) 64-94
46. Steindl J. Maturity and Stagnation in American Capitalism (1952), Blackwell, Oxford
47. Taylor L. A stagnationist model of economic growth. Cambridge Journal of Economics 9 (1985) 383-403
48. Tokutsu I. An estimation of multi production function: energy input structure of Japanese economy. In: Ogawa K., Saito M., and Ninomiya S. (Eds). Empirical Analysis of Multi Economic Model (1992), Sobunsya (in Japanese)