Koji Nomura

Keio University

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NBER Working Papers and Publications

November 2005The Industry Origins of Japanese Economic Growth
with Dale W. Jorgenson: w11800
This paper presents new data on the sources of growth for the Japanese economy over the period 1960- 2000. The principal innovation is the incorporation of detailed information for individual industries, including those involved in the production of computers, communications equipment, and electronic components as information technology equipment. We show that economic growth is dominated by investments and productivity growth in information technology, both for individual industries and the economy as a whole. We also show that the revival of total factor productivity growth accounts for the modest resurgence of the Japanese economy since 1995.

Published: Jorgenson, Dale W. and Koji Nomura. "The Industry Origins Of Japanese Economic Growth," Journal of the Japanese and International Economies, 2005, v19(4,Dec), 482-542. citation courtesy of

Can IT be Japan's Savior?
with Fumio Hayashi: w11749
This paper constructs a multi-sector model to take explicit account of the very sharp change in the relative price between non-IT and IT goods. The model is calibrated to the Japanese economy, and its solution path from 1990 on is compared to Japan's macroeconomic performance in the 1990s. Compared to the one-sector analysis of Japan in the 1990s in Hayashi and Prescott (2002), our model does slightly better or just as well in accounting for Japan's output slump and does worse in accounting for the capital-output ratio. We also show that, to revive a 2% long-term growth in percapita GDP, Japan needs to direct 10% of private total hours to the IT sector.

Published: Hayashi, Fumio and Koji Nomura. "Can IT Be Japan's Savior?," Journal of the Japanese and International Economies, 2005, v19(4,Dec), 543-567. citation courtesy of

December 2004Information Technology and the Japanese Growth Recovery
with Dale Jorgenson
in Enhancing Productivity (NBER-CEPR-TCER-Keio conference), Dale Jorgenson, Takeo Hoshi, and Masahiro Kuroda, organizers
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