By Charles R. Hulten
Rising from the ruins of the second one global battle, the japanese financial system has grown at double-digit price all through a lot of the Nineteen Fifties and Nineteen Sixties, and, while the oil problem of the Seventies slowed progress in the course of the industrialized international, jap development in the course of the industrialized international, jap development premiums remained really robust. there were many makes an attempt through students from a variety of disciplines to give an explanation for this striking historical past, yet for economists attracted to the quantitative research of financial development and the vital query addressed is how Japan was once in a position to develop so rapidly.The individuals concentration their efforts at the exact size and comparability of jap and U.S. fiscal development. Assuming that any sustained elevate in actual GNP needs to be due both to a rise within the volume of capital and exertions utilized in construction or to the extra effective use of those inputs, the authors learn the person contributions of varied components and their value within the means of output growth.These essays expand the technique of progress research and provide many insights into the criteria resulting in the very best functionality of the japanese financial system. They exhibit that progress is a posh technique and no unmarried issue can clarify the japanese 'miracle.'
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Additional info for Productivity Growth in Japan and the United States (National Bureau of Economic Research Studies in Income and Wealth)
Sample text
Prices. 66754 Nore: Col. 1 is the observed exchange rate (yerddollar); col 2 is the Japanese price index transformed by the purchasing power parity (PPP) index; col3 is the Japanese PPP-based price index denominated by exchange rate; col. correspondingprice index. continued at high rates. S. S. dollar relative to the Japanese yen. S. S. counterparts. S. level by 1970. S. level by almost 11% in 1978. S. dollar reversed this trend. S. level, which is below 38 Dale W. 46379 (1) Note: Col. 1 is the observed exchange rate (yeddollar); col 2 is the Japanese price index transformed by the purchasing power parity (PPP) index; col3 is the Japanese PPP-based price index denominated by exchange rate; col.
MIT Press. , and Melvyn A. Fuss. 1986. Productivity measurement with adjustments for variations in capacity utilization, and other forms of temporary equilibrium. Journal of Econometrics 33:7-29. Chinloy, Peter. 1980. Sources of quality change in labor input. American Economic Review 70 (March): 108-19. , Dianne Cummings, and Dale W. Jorgenson. 1976. Economic growth, 1947-1973: An international comparison. In New developments in productivity measurement, ed. John W. Kendrick and Beatrice Vaccara.
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