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The business cycle in the Japanese economy 1971-94: A Kaleckian view (特定個人研究)

Matthews, Kent Gerard Patrick and Iyoda, M. 2001. The business cycle in the Japanese economy 1971-94: A Kaleckian view (特定個人研究). Bulletin of the Research Institute, St. Andrews University 27 (1) , pp. 57-76.

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This paper constructs a Kalecki type Kaldorian model to examine features of the Japanese business cycle and a number of stylized facts. The model aims to explain the changes in the macro-economic variables associated with the business cycle. The model is tested by simulation to reproduce the observed statistical properties of the economy. The model is successful in reproducing the trend element in the key variables and is moderately successful in reproducing the dynamic path. The model is successful in mimicking the cyclical pattern of productivity and real wages, but is less successful in the cases of the labour share, the profit rate and the mark-up rate.

Item Type: Article
Date Type: Publication
Status: Published
Schools: Business (Including Economics)
Subjects: D History General and Old World > DS Asia
H Social Sciences > HB Economic Theory
H Social Sciences > HC Economic History and Conditions
Publisher: St. Andrews University
ISSN: 0918-7758
Last Modified: 04 Jun 2017 04:38

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