Regional Business Cycle and Growth Features of Japan

Masaru Inaba and Keisuke Otsu

No CIRJE-F-1005, CIRJE F-Series from CIRJE, Faculty of Economics, University of Tokyo

Abstract: We study the features of regional business cycles and growth in Japan. We find evidence of unconditional convergence over the 1955- 2008 period. For the 1975-2008 period, we find evidence of convergence conditional on TFP gap, population growth, private investment rate and TFP growth. We also find that the consumption-output correlation puzzle exists, which implies that the idiosyncratic income shocks are not shared among prefectures and regions. Financial market distortions are important in accounting for the low correlation of consumption across regions.

Pages: 53 pages
Date: 2016-03
New Economics Papers: this item is included in nep-bec and nep-ure
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Related works:
Working Paper: Regional Business Cycle and Growth Features of Japan (2017)
Working Paper: Regional Business Cycle and Growth Features of Japan (2017)
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Persistent link: https://EconPapers.repec.org/RePEc:tky:fseres:2016cf1005

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