Download or read book Macroeconomics and the Japanese Economy written by Hiroshi Yoshikawa and published by Oxford University Press, USA. This book was released on 1995 with total page 502 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work proposes a new approach to macroeconomics which draws upon the experience of the Japanese economy. The approach is similar to the Old Keynesian view: it rejects the Walrasian approach, and singles out real demand as the fundamental determinant of output in the economy as a whole. However, by maintaining that real demand constraints are important not only in the short-run, but in the long-run as well, it goes beyond what is normally understood as the Keynesian approach. It is also very different from the New Keynesian Economics; in particular, it regards the rigidity of nominal wages/prices as of secondary importance. The work is extensively illustrated by almost 200 figures and tables of data.