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EMPIRICAL ANALYSIS ON FACTOR MARKET DISTORTIONS AND THEIR EFFECTS
Break Down of GDP Growth Rate in Japans Economy
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asset price bubble assumption of perfect Bank of Japan base sector Bhagwati bubble period capital accumulation capital deepening capital stock capital-labor ratio changes in commodity changes in factor changes in labor commodity prices differentials in factor's distortions in factor Economic Studies Edgeworth Box effect of changes effect of factor equation 15 factor immobility factor market distortions factor price differentials factor's marginal productivity Figure following equation GDP growth rate growth accounting framework H-0 model HP filter individual sectors Institute for Monetary intersectoral differentials intersectoral factor price isoquant Japan's economic stagnation labor input share labor mobility labor share labor-intensive Miyagawa Monetary and Economic negative effect non-manufacturing industry perfect competition perfect factor markets post-bubble period potential GDP potential growth rate potential output production function production possibility frontier productive factors rate of return relative price resolved autonomously resource misallocation return on capital shift shows specific factor model structural impediments structural problems TFP growth trade theory worsening