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The Intranational Business Cycle: Evidence from Japan

Michael Artis and Toshihiro Okubo ()

Centre for Growth and Business Cycle Research Discussion Paper Series from Economics, The University of Manchester

Abstract: This paper studies the intranational business cycle – that is the set of regional (prefecture) business cycles – in Japan. One reason for choosing to examine the Japanese case is that long time series and relatively detailed data are available. A Hodrick-Prescott filter is applied to identify the cycles in annual data from 1955 to 1995 and bilateral cross-correlation coefficients are calculated for all the pairs of prefectures. Comparisons are made with similar sets of bilateral cross correlation coefficients calculated for the States of the US and for the member countries of a “synthetic EuroArea”. The paper then turns to an econometric explanation of the cross-correlation coefficients (using Fisher’s z-transform), in a panel data GMM estimation framework. An augmented gravity model provides the basic model for the investigation, whilst the richness of the data base allows for additional models to be represented.

Pages: 50 pages
Date: 2008
New Economics Papers: this item is included in nep-mac
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Related works:
Working Paper: The Intranational Business Cycle: Evidence from Japan (2008) Downloads
Working Paper: The Intranational Business Cycle: Evidence from Japan (2008) Downloads
Working Paper: The Intranational Business Cycle: Evidence from Japan (2008) Downloads
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