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An Empirical Study on the Process of Exit from Long Stagnation: Have Lost Decades Been Overcome?

Research Project

Project/Area Number 16H03604
Research Category

Grant-in-Aid for Scientific Research (B)

Allocation TypeSingle-year Grants
Section一般
Research Field Economic statistics
Research InstitutionKansai Gaidai University (2017-2018)
Osaka University (2016)

Principal Investigator

Ogawa Kazuo  関西外国語大学, 外国語学部, 教授 (90160746)

Co-Investigator(Kenkyū-buntansha) 得津 一郎  神戸大学, 経営学研究科, 教授 (80140119)
Project Period (FY) 2016-04-01 – 2019-03-31
Project Status Completed (Fiscal Year 2018)
Budget Amount *help
¥11,440,000 (Direct Cost: ¥8,800,000、Indirect Cost: ¥2,640,000)
Fiscal Year 2018: ¥3,120,000 (Direct Cost: ¥2,400,000、Indirect Cost: ¥720,000)
Fiscal Year 2017: ¥2,990,000 (Direct Cost: ¥2,300,000、Indirect Cost: ¥690,000)
Fiscal Year 2016: ¥5,330,000 (Direct Cost: ¥4,100,000、Indirect Cost: ¥1,230,000)
Keywordsアベノミクス / 失われた20年 / 生産の効率性 / 企業意識 / 長期期待成長率 / 設備投資 / 限界q / 成長企業 / リストラ企業 / 経済統計学 / 需要要因 / 供給要因 / 家計意識 / 予想成長率
Outline of Final Research Achievements

This study focuses on “Lost Decades” in the Japanese economy and has examined empirically whether the negative legacy inherited from the lost decades has been completely wiped out in the course of Abenomics. In particular, we investigated how attitude and behavior of households and firms changed.
As for the household sector, we examined the behavior of rice farmers from the viewpoint of production efficiency. We also analyzed the firm behavior from two standpoints. One is the long-run prospect of economic growth of the Japanese economy perceived by firms. We examined how the firms formed the expectation of the long-run GDP growth rate, using the survey data. Second, we constructed the marginal q, the present value of future streams of expected marginal returns of investment and examined how the relationship between marginal q and investment has changed over time.

Academic Significance and Societal Importance of the Research Achievements

アベノミクスのゴールは、「失われた20年」の払拭である。アベノミクスによって「失われた20年」の負の遺産が払拭されたのか、定量的に吟味することは大きな意義があると考えられる。この研究は、家計や企業が「失われた20年」を乗り越えて新たなスタートを切ったのか、家計行動と企業行動を計量的に吟味することによって解明しようとする実証的試みである。家計行動については、稲作に従事する米作農家を分析した。また、企業行動については、長期の経済成長率を企業がどのように見通しているのか、また設備投資から得られる収益と設備投資の関係について分析した。

Report

(4 results)
  • 2018 Annual Research Report   Final Research Report ( PDF )
  • 2017 Annual Research Report
  • 2016 Annual Research Report
  • Research Products

    (9 results)

All 2019 2018 2016 Other

All Int'l Joint Research (2 results) Journal Article (3 results) (of which Open Access: 2 results,  Acknowledgement Compliant: 1 results) Presentation (3 results) (of which Int'l Joint Research: 1 results,  Invited: 1 results) Funded Workshop (1 results)

  • [Int'l Joint Research] University of Groningen(オランダ)

    • Related Report
      2018 Annual Research Report
  • [Int'l Joint Research] グローニンゲン大学経済学部(オランダ)

    • Related Report
      2016 Annual Research Report
  • [Journal Article] Why Is Investment So Weak Despite High Profitability? A panel study of Japanese manufacturing firms2019

    • Author(s)
      Ogawa, K., Sterken, E. and I. Tokutsu
    • Journal Title

      RIETI Discussion Paper Series 19-E-009

      Volume: 9 Pages: 1-33

    • Related Report
      2018 Annual Research Report
    • Open Access
  • [Journal Article] 日本経済の期待成長率とアベノミクス2018

    • Author(s)
      小川一夫
    • Journal Title

      商工金融

      Volume: 1 Pages: 6-27

    • NAID

      40021442886

    • Related Report
      2017 Annual Research Report
  • [Journal Article] Inefficiency in Rice Production and Land Use: A panel study of Japanese rice farmers2016

    • Author(s)
      Kazuo Ogawa
    • Journal Title

      経済産業研究所(RIETI) Discussion Paper Series 17-E-020

      Volume: 20 Pages: 1-34

    • NAID

      210000179439

    • Related Report
      2016 Annual Research Report
    • Open Access / Acknowledgement Compliant
  • [Presentation] Why Is Investment So Weak Despite High Profitability? A panel study of Japanese manufacturing firms2019

    • Author(s)
      小川一夫
    • Organizer
      RIETI DP 検討会
    • Related Report
      2018 Annual Research Report
  • [Presentation] Why Is Investment So Weak Despite High Profitability? A panel study of Japanese manufacturing firms2018

    • Author(s)
      小川一夫
    • Organizer
      科研費・研究集会「アベノミクスは長期低迷を克服したのか?」
    • Related Report
      2018 Annual Research Report
  • [Presentation] Inefficiency in Rice Production and Land Use: A panel study of Japanese rice farmers2016

    • Author(s)
      Kazuo Ogawa
    • Organizer
      The Hitotsubashi-RIETI International Workshop on Real Estate Market, Productivity, and Prices
    • Place of Presentation
      経済産業研究所(東京都千代田区)
    • Year and Date
      2016-10-13
    • Related Report
      2016 Annual Research Report
    • Int'l Joint Research / Invited
  • [Funded Workshop] Workshop on Modern EU Economy: R&D Spillovers and Sovereign Debt Problem2016

    • Place of Presentation
      神戸大学(神戸市灘区)
    • Related Report
      2016 Annual Research Report

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Published: 2016-04-21   Modified: 2020-03-30  

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