Productivity and business cycles in Japan: Evidence from Japanese industry data

Japanese Economic Review

Volumn 57, Issue 2, 2006, Pages 161-186

  Miyagawa, T ^a   Sakuragawa, Y ^b   Takizawa, M ^c  

^a GAKUSHUIN UNIVERSITY   (Japan)

^b Atomi University   (Japan)

^c HITOTSUBASHI UNIVERSITY   (Japan)

Author keywords

[No Author keywords available]

Indexed keywords

BUSINESS CYCLE; INDUSTRIAL INVESTMENT; INDUSTRIAL POLICY; LABOR PRODUCTIVITY;

ASIA; EURASIA; FAR EAST; JAPAN;

EID: 33745225369     PISSN: 13524739     EISSN: 14685876     Source Type: Journal    
DOI: 10.1111/j.1468-5876.2006.00374.x     Document Type: Conference Paper

References (30)

1. Abe, N. (2004) "The Multi-Sector Business Cycle Model and Aggregate Shocks: An Empirical Analysis", Japanese Economic Review, Vol. 55, pp. 101-118.
2. Basu, S. (1996) "Pro-cyclical Productivity: Increasing Returns or Cyclical Utilization?", Quarterly Journal of Economics, Vol. 111, pp. 719-751.
3. Basu, S. and J. G. Fernald (1995) "Are Apparent Productive Spillovers a Figment of Specification Error?", Journal of Monetary Economics, Vol. 36, pp. 165-188.
4. Basu, S. (1997) "Returns to Scale in U.S. Production: Estimates and Implications", Journal of Political Economy, Vol. 105, pp. 249-283.
5. Basu, S., J. G. Fernald and M. Kimball (2004) "Are Technology Improvements Contractionary?", NBER Working Paper Series, No. 10592.
6. Basu, S., J. G. Fernald, and M. Shapiro (2001) "Productivity Growth in the 1990s: Technology, Utilization, or Adjustment?", Carnegie-Rochester Conference Series on Public Policy, Vol. 55, pp. 117-165.
7. Burnside, C. (1996) "Production Function Regressions, Returns to Scale, and Externalities", Journal of Monetary Economics, Vol. 37, pp. 177-201.
8. Burnside, C. and M. Eichenbaum (1996) "Factor-Hoarding and the Propagation of Business-Cycle Shocks", American Economic Review, Vol. 86, pp. 1154-1174.
9. Burnside, C., M. Eichenbaum and S. Rebelo (1993) "Labor Hoarding and the Business Cycle", Journal of Political Economy, Vol. 101, pp. 245-272.
10. Burnside, C. (1996) "Sectoral Solow Residuals", European Economic Review, Vol. 40, pp. 861-869.
11. Caballero, R. J., T. Hoshi and A. K. Kashyap (2004) "Zombie Lending and Depressed Restructuring in Japan", Online: .
12. Caballero, R. J. and R. K. Lyons (1992) "External Effects in U.S. Pro-cyclical Productivity", Journal of Monetary Economics, Vol. 29, pp. 209-225.
13. Fukao, K. and H. Kwon (2005) "Why Did Japan's TFP Growth Slow Down in the Lost Decade? An Empirical Analysis Based on Firm-Level Data of Manufacturing Firms", RIETI Discussion Paper 05-E-004.
14. Fukao, K., T. Miyagawa, H. Kawai, T. Inui, X. Yue, N. Okumoto, M. Nakamura, M. Hayashida, K. Nakata, T. Hashikawa, N. Okumura, Y. Murakami, S. Hamagata, Y. Yoshizawa, S. Maruyama and C. Yamauchi (2003) "Sangyobetsu seisansei to keizaiseicho: 1970-98 [Sectoral Productivity and Economic Growth in Japan: 1970-98]", Keizai Bunseki No. 170, Economic and Social Research Institute, Cabinet Office, Government of Japan (in Japanese), pp. 1-446.
15. Goldstein, M. and M. S. Khan (1976) "Large versus Small Price Changes and the Demand for Imports", IMF Staff Papers.
16. Hall, R. E. (1988) "The Relation between Price and Marginal Cost in U.S. Industry", Journal of Political Economy, Vol. 96, pp. 921-947.
17. Hall, R. E. (1990) "Invariance Properties of Solow's Productivity Residual", in P. Diamond (ed.), Growth, Productivity, Unemployment, Cambridge, MA: MIT Press, pp. 71-112.
18. Hayashi, F. and E. C. Prescott (2002) "The 1990s in Japan: A Lost Decade", Review of Economic Dynamics, Vol. 5, pp. 206-235.
19. Kawamoto, T. (2005) "What Do the Purified Solow Residuals Tell Us about Japan's Lost Decade?" Monetary and Economic Studies, Vol. 23, Institute for Monetary and Economic Studies, The Bank of Japan, pp. 113-148.
20. Krebs, T. (2003) "Growth and Welfare Effects of Business Cycles in Economies with Idiosyncratic Human Capital", Review of Economic Dynamics, Vol. 6, pp. 846-868.
21. Ljungqvist, L. and H. Uhlig (2000) "Tax Policy and Aggregate Demand Management under Catching up with the Joneses", American Economic Review, Vol. 90, pp. 356-366.
22. Miyagawa, T., Y. Ito and N. Harada (2004) "The IT Revolution and Productivity Growth in Japan", Journal of the Japanese and International Economies, Vol. 18, pp. 362-389.
23. Nakajima, T. (2005) "A Business Cycle Model with Variable Capacity Utilization and Demand Disturbance", European Economic Review, Vol. 49, pp. 1331-1360.
24. Nishimura, K. G., T. Nakajima and K. Kiyota (2005) "Does the Natural Selection Mechanism Still Work in Severe Recessions? Examination of the Japanese Economy in the 1990s", Journal of Economic Behavior and Organization, Vol. 58, pp. 53-78.
25. Nishimura, K. G., Y. Ohkusa and K. Ariga (1999) "Estimating the Mark-up over Marginal Cost: A Panel Analysis of Japanese Firms 1971-1994", International Journal of Industrial Organization, Vol. 17, pp. 1077-1111.
26. Ogawa, K. and S. Kitasaka (1998) Shisan shijo to keiki hendo: Gendai nihon keizai no jissho bunseki (The Asset Market and Business Fluctuations in Japan), Nihon Keizai Shimbun, Inc. (In Japanese).
27. Vecchi, M. (2000) "Increasing Returns, Labor Utilization and Externalities: Pro-cyclical Productivity in the United States and Japan", Economica, Vol. 67, pp. 229-244.
28. Wakita, S. (1997) "Chronic Labor Hoarding: Direct Evidence from Japan", Japanese Economic Review, Vol. 48, pp. 307-323.
29. Yoshikawa, H. (1992) Nihon keizai to makuro keizaigaku (Japanese Economy and Macroeconomics), Tokyo: Toyo Keizai Shimposha. (In Japanese).
30. Yoshikawa, H. (2003) "The Role of Demand in Macroeconomics", Japanese Economic Review, Vol. 54, pp. 1-27.