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Sources of Cycles in Japan, 1975-1987

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  • Kenneth D. West

Abstract

A simple real model is used to decompose movements of aggregate inventories and output in Japan during 1975 to 1987 to three components, one due to cost shocks, one due to demand shocks, and one due to' shocks from abroad. Cost shocks are estimated to account for about one tenth of the movement in GNP, one half of the movement in inventories. Most of the remaining movement in GNP is due to demand shocks, in inventories to shocks from abroad. Confidence intervals around these point estimates are, however, very large.

Suggested Citation

  • Kenneth D. West, 1991. "Sources of Cycles in Japan, 1975-1987," NBER Working Papers 3763, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:3763
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    Cited by:

    1. Kenneth D. West, 1993. "An Aggregate Demand–Aggregate Supply Analysis of Japanese Monetary Policy, 1973–1990," NBER Chapters, in: Japanese Monetary Policy, pages 160-188, National Bureau of Economic Research, Inc.
    2. Brunner, Allan D. & Kamin, Steven B., 1996. "Determinants of the 1991-1993 Japanese recession: Evidence from a structural model of the Japanese economy," Japan and the World Economy, Elsevier, vol. 8(4), pages 363-399, December.
    3. Karras, Georgios & Song, Frank, 1996. "Sources of business-cycle volatility: An exploratory study on a sample of OECD countries," Journal of Macroeconomics, Elsevier, vol. 18(4), pages 621-637.
    4. Corbett, Jenny & Hay, Donald & Louri, Helen, 1999. "A financial portfolio approach to inventory behaviour: Japan and the UK," International Journal of Production Economics, Elsevier, vol. 59(1-3), pages 43-52, March.

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