Accounting for the slowdown in output growth after the Great Recession : A wealth preference approach

Inagaki, Kazuma; Ono, Yoshiyasu; Tsuruga, Takayuki

Accounting for the slowdown in output growth after the Great Recession : A wealth preference approach

Inagaki, Kazuma; Ono, Yoshiyasu; Tsuruga, Takayuki

Institute of Social and Economic Research Discussion Papers, 2022, 1174, 1-35

アクセス数:359件（2025-07-11 11:35 集計）

固定URL: https://hdl.handle.net/11094/87632

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タイトル	Accounting for the slowdown in output growth after the Great Recession : A wealth preference approach
著者	著者名 Inagaki, Kazuma
	NRID 1000070130763 1000070130763 researchmap permalink read0047247 read0047247 Scopus Author ID 7402959644 7402959644 著者名 Ono, Yoshiyasu
	NRID 1000040511720 1000040511720 ORCID 0000-0002-8177-2330 0000-0002-8177-2330 researchmap permalink 7000008934 7000008934 Scopus Author ID 16424964300 16424964300 著者名 Tsuruga, Takayuki
キーワード等	Secular stagnation
	Wealth preferences
	Liquidity preferences
	the Great Recession
	Downward nominal wage rigidity
抄録	Previous studies have argued that output growth in advanced economies declined during the Great Recession and remained low afterward. This paper proposes a model to explain this slowdown in output growth. We incorporate wealth preferences and downward nominal wage rigidity into a standard monetary growth model. Our model demonstrates that output initially grows at the same rate as productivity and slows endogenously in the transition path to the stagnation steady state. This stagnation is persistent even if productivity continues to grow at a steady rate. Applying our model to US data, we show that it successfully explains the declines observed in the real interest rate, inflation, and the velocity of money, along with the slowdown in output growth.
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)	1174
ページ	1-35
刊行年月	2022-05
言語	英語
ハンドルURL	https://hdl.handle.net/11094/87632
PISSN	0473453X
eISSN	24350982
関連情報 (references)	URI https://www.iser.osaka-u.ac.jp/static/resources/docs/dp/2022/DP1174.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. 2022, 1174, p. 1-35
DC.title	Accounting for the slowdown in output growth after the Great Recession : A wealth preference approach
DC.creator	Inagaki, Kazuma
	Ono, Yoshiyasu
	Tsuruga, Takayuki
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	2022-05
DC.relation' scheme='DCTERMS.URI	https://www.iser.osaka-u.ac.jp/static/resources/docs/dp/2022/DP1174.pdf
DC.subject	Secular stagnation
	Wealth preferences
	Liquidity preferences
	the Great Recession
	Downward nominal wage rigidity
DCTERMS.abstract	Previous studies have argued that output growth in advanced economies declined during the Great Recession and remained low afterward. This paper proposes a model to explain this slowdown in output growth. We incorporate wealth preferences and downward nominal wage rigidity into a standard monetary growth model. Our model demonstrates that output initially grows at the same rate as productivity and slows endogenously in the transition path to the stagnation steady state. This stagnation is persistent even if productivity continues to grow at a steady rate. Applying our model to US data, we show that it successfully explains the declines observed in the real interest rate, inflation, and the velocity of money, along with the slowdown in output growth.
DC.format	87632
citation_title	Accounting for the slowdown in output growth after the Great Recession : A wealth preference approach
citation_author	Inagaki, Kazuma
	Ono, Yoshiyasu
	Tsuruga, Takayuki
citation_publisher	The Institute of Social and Economic Research, Osaka University
citation_language	英語
citation_date	2022-05
citation_journal_title	Institute of Social and Economic Research Discussion Papers
citation_volume	1174
citation_firstpage	1
citation_lastpage	35
citation_public_url	https://hdl.handle.net/11094/87632
citation_abstract_html_url	https://www.iser.osaka-u.ac.jp/static/resources/docs/dp/2022/DP1174.pdf

Accounting for the slowdown in output growth after the Great Recession : A wealth preference approach

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