The objective of this paper is to propose an analytical framework to examine the foundations of the theory of efficient growth. The theory of efficient growth is a newly developed theory based on the principles of the neoclassical framework. It argues that an economy grows efficiently under two...

Introduction : from business-cycle measurement to macroeconomic theory -- Aggregate demand-- Aggregate supply-- AS-AD equilibrium and the propagation of macroeconomic shocks -- Unemployment fluctuations -- Monetary policy -- Fiscal policy -- The liquidity trap -- Unconventional monetary policies...

Macroeconomic analysis of the 1990s. High growth in the past -- The 1990s -- Demand or supply? -- What type of demand? -- The "abnormality" of demand fluctuations -- Investment -- Investment to increase production capacity, and stock adjustment -- The recovery of 1995-1996 -- The fiscal policy...