FRINK Linked Data Fragments server

Matches in SemOpenAlex for { <https://semopenalex.org/work/W2382509772> ?p ?o ?g. }

• W2382509772 abstract "This paper examines the decade-long economic slump in Japan during the 1990s. In the neoclassical growth framework, a fall in total factor productivity growth is expected to slow down the economy's long-term growth. This paper's findings based on the Malmquist index show that Japan's productivity growth rate in the 1990s is not only historically low but also lags considerably behind the contemporaneous growth rates in other OECD nations. Building upon the Japanese experience, this paper considers policy responses to the current global financial crisis. When a number of countries pursued expansionary fiscal and monetary policies in the wake of the 2008 financial crisis, ubiquitous references were made to what had happened to Japan in the 1990s. In discussions of this so-called lost decade, the persistent economic slump was typically blamed on the weak demand. Inadequate fiscal and monetary policies were believed to have exacerbated such weaknesses. 1 The problems with financial intermediation in the country's weak banking sector were also argued to have contributed to the slump by pulling corporate investment below its optimal level and hence, again, by depressing aggregate demand. However, recent studies increasingly question the validity of the thesis of sub-optimal investment. Ando, Christelis, and Miyagawa (2003) provide empirical evidence in support of the over-investment, rather than the under-investment, of Japanese corporations in the 1990s. Hayashi (2004) empirically verifies this over-investment argument by using more updated data from the Japanese National Accounts. These findings strongly suggest that demand side developments may account for business cycles but may not be entirely relevant for explaining the chronic decade-long economic slump. How would the over-investment hypothesis marry with Japan's decade-long output slump? The neoclassical growth framework provides a clue. In the standard neoclassical model with exogenous total factor productivity (TFP) that dates back to Solow (1956) and Swan (1956), a fall in the TFP growth rate reduces the pace of the steady-state growth, and raises the steady-state capital-output ratio. This appears to be in line with a significant capital deepening and a decline in the after-tax rate of return that have been observed in Japan during the 1990s. A noticeable drop in Japan's TFP growth in the 1990s is well-documented in previous studies, including Hayashi and Prescott (2003) among others, but they tend to invariably use" @default.
• W2382509772 created "2016-06-24" @default.
• W2382509772 creator A5022877976 @default.
• W2382509772 date "2011-01-01" @default.
• W2382509772 modified "2023-09-28" @default.
• W2382509772 title "Japan's Lost Decade Revisited: Total Factor Productivity and Economic Growth" @default.
• W2382509772 cites W1492662576 @default.
• W2382509772 cites W1518980100 @default.
• W2382509772 cites W1548172108 @default.
• W2382509772 cites W1997529294 @default.
• W2382509772 cites W2021392263 @default.
• W2382509772 cites W2057366755 @default.
• W2382509772 cites W2070631858 @default.
• W2382509772 cites W2081541758 @default.
• W2382509772 cites W2098589686 @default.
• W2382509772 cites W2151001799 @default.
• W2382509772 cites W2267978398 @default.
• W2382509772 cites W3123445203 @default.
• W2382509772 cites W578315727 @default.
• W2382509772 hasPublicationYear "2011" @default.
• W2382509772 type Work @default.
• W2382509772 sameAs 2382509772 @default.
• W2382509772 citedByCount "3" @default.
• W2382509772 countsByYear W23825097722014 @default.
• W2382509772 countsByYear W23825097722015 @default.
• W2382509772 crossrefType "journal-article" @default.
• W2382509772 hasAuthorship W2382509772A5022877976 @default.
• W2382509772 hasConcept C120009192 @default.
• W2382509772 hasConcept C126285488 @default.
• W2382509772 hasConcept C136264566 @default.
• W2382509772 hasConcept C139719470 @default.
• W2382509772 hasConcept C162324750 @default.
• W2382509772 hasConcept C17744445 @default.
• W2382509772 hasConcept C199539241 @default.
• W2382509772 hasConcept C203379541 @default.
• W2382509772 hasConcept C204983608 @default.
• W2382509772 hasConcept C27548731 @default.
• W2382509772 hasConcept C2778300220 @default.
• W2382509772 hasConcept C556758197 @default.
• W2382509772 hasConcept C94625758 @default.
• W2382509772 hasConceptScore W2382509772C120009192 @default.
• W2382509772 hasConceptScore W2382509772C126285488 @default.
• W2382509772 hasConceptScore W2382509772C136264566 @default.
• W2382509772 hasConceptScore W2382509772C139719470 @default.
• W2382509772 hasConceptScore W2382509772C162324750 @default.
• W2382509772 hasConceptScore W2382509772C17744445 @default.
• W2382509772 hasConceptScore W2382509772C199539241 @default.
• W2382509772 hasConceptScore W2382509772C203379541 @default.
• W2382509772 hasConceptScore W2382509772C204983608 @default.
• W2382509772 hasConceptScore W2382509772C27548731 @default.
• W2382509772 hasConceptScore W2382509772C2778300220 @default.
• W2382509772 hasConceptScore W2382509772C556758197 @default.
• W2382509772 hasConceptScore W2382509772C94625758 @default.
• W2382509772 hasLocation W23825097721 @default.
• W2382509772 hasOpenAccess W2382509772 @default.
• W2382509772 hasPrimaryLocation W23825097721 @default.
• W2382509772 hasRelatedWork W1505504974 @default.
• W2382509772 hasRelatedWork W2056440523 @default.
• W2382509772 hasRelatedWork W2085843303 @default.
• W2382509772 hasRelatedWork W2095051156 @default.
• W2382509772 hasRelatedWork W2263582852 @default.
• W2382509772 hasRelatedWork W2283836537 @default.
• W2382509772 hasRelatedWork W2286131095 @default.
• W2382509772 hasRelatedWork W242392248 @default.
• W2382509772 hasRelatedWork W245087803 @default.
• W2382509772 hasRelatedWork W2594846031 @default.
• W2382509772 hasRelatedWork W274954326 @default.
• W2382509772 hasRelatedWork W2993831415 @default.
• W2382509772 hasRelatedWork W3039814559 @default.
• W2382509772 hasRelatedWork W3121885019 @default.
• W2382509772 hasRelatedWork W3124313195 @default.
• W2382509772 hasRelatedWork W3124618450 @default.
• W2382509772 hasRelatedWork W3138113751 @default.
• W2382509772 hasRelatedWork W3156768040 @default.
• W2382509772 hasRelatedWork W3192362395 @default.
• W2382509772 hasRelatedWork W338836417 @default.
• W2382509772 hasVolume "18" @default.
• W2382509772 isParatext "false" @default.
• W2382509772 isRetracted "false" @default.
• W2382509772 magId "2382509772" @default.
• W2382509772 workType "article" @default.