In this short note I simulate the DR under various conditions and make comparisons with the US. Japan has experienced a …. Fertility is the largest of the contributors in Japan. If there are no demographic changes in Japan, the DR will be 0.88 by 2050 …The Japanese are becoming older. Americans are also becoming older. Demographic stress in Japan, measured by the …

of the pre-WWII period, Japan's real GNP per worker was not much more than a third of that of the U.S., with falling … barrier, Japan's prewar GNP per worker would have been close to a half of the U.S. The labor barrier existed because, we argue …

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 …

rate (ratio of depreciation to the capital stock) is implausibly high. I argue in this rejoinder that Japan's high … Japan. Second, equipment capital (a component of the denominator in the depreciation rate) in the Japanese national accounts … seems underestimated. Therefore, my estimate of the level of depreciation for Japan does not seem exaggerated …