Population Aging, Government Policy and the Postwar Japanese Economy

Otsu, Keisuke and Shibayama, Katsuyuki (2018) Population Aging, Government Policy and the Postwar Japanese Economy. Discussion paper. University of Kent, Kent, UK (Full text available)

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Abstract

This paper analyzes the Postwar Japanese economy with a parsimonious neoclassical growth model that incorporates the demographic transition in Japan. We find that i) productivity growth is the most important driver of the postwar economic growth, ii) the workweek reduction policy of the 1990s significantly reduced Japanese output. iii) the increase in the fraction of the population aged above 65 years old significantly reduced output relative to its potential through the decline in the employment rate and the increase in payroll tax.

Item Type: Monograph (Discussion paper)
Uncontrolled keywords: Aging; Taxation; Demography; Shooting Algorithm
Subjects: H Social Sciences > HB Economic Theory
Divisions: Faculties > Social Sciences > School of Economics
Depositing User: Katsuyuki Shibayama
Date Deposited: 06 Dec 2018 18:40 UTC
Last Modified: 21 Dec 2018 05:17 UTC
Resource URI: https://kar.kent.ac.uk/id/eprint/70669 (The current URI for this page, for reference purposes)
Otsu, Keisuke: https://orcid.org/0000-0002-2947-4600
Shibayama, Katsuyuki: https://orcid.org/0000-0003-3472-398X
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