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Regional Business Cycle and Growth Features of Japan

Masaru Inaba and Keisuke Otsu ()

Studies in Economics from School of Economics, University of Kent

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. Our analysis implies that frictions in financial markets are responsible for the low consumption risk-sharing among prefectures.

Keywords: Japanese Economy; Regional Convergence; Regional Business Cycle Synchronization (search for similar items in EconPapers)
JEL-codes: E01 E32 O47 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-bec, nep-fdg, nep-mac and nep-ure
Date: 2017-03
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Working Paper: Regional Business Cycle and Growth Features of Japan (2017) Downloads
Working Paper: Regional Business Cycle and Growth Features of Japan (2016) Downloads
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