Hayashi, Fumio; Prescott, Edward C. - 2000 - [Elektronische Ressource]
markets. The
problem then and still today, is a low productivity growth rate. Growth theory, treating TFP as
exogenous … then proceed to examine the Japanese economy through the perspective of growth theory in
Section 3. We use this model …, capital tax rate, and the output share
of government purchases as exogenous.
Growth theory gives no role to frictions in …