Growth, Secular Stagnation and Wealth Preference

Ono, Yoshiyasu

Growth, Secular Stagnation and Wealth Preference

Ono, Yoshiyasu

Institute of Social and Economic Research Discussion Papers, 2015, 946, 1-26

アクセス数:266件（2025-07-13 09:41 集計）

固定URL: https://hdl.handle.net/11094/52452

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タイトル	Growth, Secular Stagnation and Wealth Preference
著者	NRID 1000070130763 1000070130763 researchmap permalink read0047247 read0047247 Scopus Author ID 7402959644 7402959644 著者名 Ono, Yoshiyasu
キーワード等	Long-run stagnation
	aggregate demand deficiency
	wealth preference
	fair wages
	economic growth
抄録	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.
出版者	The Institute of Social and Economic Research, Osaka University
収録物名	Institute of Social and Economic Research Discussion Papers
巻(号)	946
ページ	1-26
刊行年月	2015-08
言語	英語
ハンドルURL	https://hdl.handle.net/11094/52452
関連情報 (references)	URI https://www.iser.osaka-u.ac.jp/static/resources/docs/dp/2015/DP0946.pdf
アクセス権	metadata only access
カテゴリ	ディスカッション／ワーキング・ペーパー DP/WP
カテゴリ	Institute of Social and Economic Research Discussion Papers

資源タイプ	テクニカルレポート
ローカル資源タイプ	ディスカッション／ワーキング・ペーパー
DCMI資源タイプ	text
DCTERMS.bibliographicCitation	Institute of Social and Economic Research Discussion Papers. 2015, 946, p. 1-26
DC.title	Growth, Secular Stagnation and Wealth Preference
DC.creator	Ono, Yoshiyasu
DC.publisher	The Institute of Social and Economic Research, Osaka University
DC.language' scheme='DCTERMS.RFC1766	英語
DC.type' scheme='DCTERMS.DCMIType	text
DCTERMS.issued' scheme='DCTERMS.W3CDTF	2015-08
DC.relation' scheme='DCTERMS.URI	https://www.iser.osaka-u.ac.jp/static/resources/docs/dp/2015/DP0946.pdf
DC.subject	Long-run stagnation
	aggregate demand deficiency
	wealth preference
	fair wages
	economic growth
DCTERMS.abstract	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.
DC.format	52452
citation_title	Growth, Secular Stagnation and Wealth Preference
citation_author	Ono, Yoshiyasu
citation_publisher	The Institute of Social and Economic Research, Osaka University
citation_language	英語
citation_date	2015-08
citation_journal_title	Institute of Social and Economic Research Discussion Papers
citation_volume	946
citation_firstpage	1
citation_lastpage	26
citation_public_url	https://hdl.handle.net/11094/52452
citation_abstract_html_url	https://www.iser.osaka-u.ac.jp/static/resources/docs/dp/2015/DP0946.pdf

Growth, Secular Stagnation and Wealth Preference

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