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Identifier to cite or link to this item: https://hdl.handle.net/10086/15140

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Title
The Intranational Business Cycle: Evidence from Japan
Creator
Creator Name
Artis, Michael Artis, Michael
Affiliation
Affiliation Name
Manchester University
Affiliation
Affiliation Name
CEPR
Creator Name
Okubo, Toshihiro Okubo, Toshihiro
大久保, 敏弘 大久保, 敏弘
オオクボ, トシヒロ オオクボ, トシヒロ
Affiliation
Affiliation Name
Manchester University
Editor
Contributor Name
社会科学における統計分析拠点構築 = Research Unit for Statistical Analysis in Social Sciences
Key Word
Intranational business cycle
Hodrick-Prescott filter
Optimal Currency Area
Gravity Model
Market potential
Heckscher Ohlin theorem
JEL
E32
F41
R11
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 Euro Area". 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 also allows for additional models to be represented.
Publisher
Institute of Economic Research, Hitotsubashi University
Issued Date
2008-01
Language
English(eng)
Resource Type
technical report
Version Type
VoR
Is Part OfRelation -
Related Title
Hi-Stat Discussion paper series, No. 234
Relation
Related Identifier
URI
  http://21coe.ier.hit-u.ac.jp/english/index.html
Sponsorship
21世紀COEプログラム = 21st-Century COE Program
Appears in Collections
Hi-Stat Discussion paper series
URL
https://hdl.handle.net/10086/15140