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Growth, secular stagnation and wealth preference
Ono, Yoshiyasu - 2015
In 1960s - 1980s Japan enjoyed high economic growth. In the early 1990s, however, the growth rate drastically declined … and thereafter Japan has been suffering secular stagnation. This paper proposes a dynamic macroeconomic model that can …
Persistent link: https://www.econbiz.de/10011316661
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Difference or ratio : implication of status preference on stagnation
Ono, Yoshiyasu; Yamada, Katsunori - 2012
We consider a dynamic macroeconomic model with households that regard relative affluence as social status. The measure of relative affluence can be the ratio to, or the difference from, the social average. The two specifications lead to quite different results: with the ratio specification full...
Persistent link: https://www.econbiz.de/10009628099