1986 Fiscal Year Final Research Report Summary
An Nalysis of the Efects of Supplu Shocks on the Effective Supply Function, Potential Economic Growth, and Balance of Payments
| Project/Area Number |
60530022
|
|---|
| Research Category |
Grant-in-Aid for General Scientific Research (C)
|
| Allocation Type | Single-year Grants |
|---|
| Research Field |
経済事情及び政策学
|
|---|
| Research Institution | Hitotsubashi University |
|---|
Principal Investigator |
FUJINO Shozaburo Professor, The Institute of Economic Research,Hitotsubashi University, 経済研究所, 教授 (10017650)
|
|---|
| Project Period (FY) |
1985 – 1986
|
| Keywords | supply shock / the aggregate supply function / the aggregate demand function / comparative cost / energy-intensive industries / techonologically-labor-intensive industires / output capital ratio / output coefficient / 潜在成長率 |
|---|
| Research Abstract |
We made clear the following three points with resect to the effects of supply shocks on the economy.
1. In order to analyze the efect of the supply shock on prices and output by means of the efective supply and efective demand functions, we developed a
new idea concerning the two functions, finding that there exiats a difference between prices-output behaviors in energy-intensive industries and technologically- labor-intensive industries.
2. In the process, the real rate of wages in terms of oil was decreased in Japan compared with other advanced countries. Therefore her comparative cost structure was so changed that the technogically-labor-intensive industries might obtain comparative advantage. Thus the current balance of payments in Japan showed a large surplus owing to both a great increase of export of technologically-laborintensive products and a decrease of oil import.
3. we clarified that the potential rate of growth positively depends on the size op output-capital ratio (the output coefficient), measuring statistically potential growth pathes in eight countrioes including Japan to analyze the effect of oil shocks.
|
Research Products
(4 results)
