The effects of public investment smoothing as a stimulus measure on construction industry in Japan
AbstractUsing Japanese macroeconomic data over 1980:Q1-2010:Q1, we estimate their time-varying seasonal components and investigate the impact of public investment smoothing on the construction industry. It is shown that the seasonal fluctuations of public investment had faded away after the collapse of the bubble economy in the early 1990s, and they are positively correlated to the seasonal fluctuations of production in the construction industry. Moreover, it is suggested that the seasonal fluctuations of public investment affect the seasonal patterns of production in the construction industry through the adjustment of the cash earnings and employees. These findings imply that public investment smoothing can be effective for decreasing the implementation lag of fiscal policy and thereby for fine-tuning.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by AccessEcon in its journal Economics Bulletin.
Volume (Year): 32 (2012)
Issue (Month): 3 ()
Contact details of provider:
public investment smoothing; implementation lag;
Find related papers by JEL classification:
- E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
- H5 - Public Economics - - National Government Expenditures and Related Policies
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Spencer D. Krane & William L. Wascher, 1995.
"The cyclical sensitivity of seasonality in U.S. employment,"
Finance and Economics Discussion Series
95-43, Board of Governors of the Federal Reserve System (U.S.).
- Krane, Spencer & Wascher, William, 1999. "The cyclical sensitivity of seasonality in U.S. employment," Journal of Monetary Economics, Elsevier, vol. 44(3), pages 523-553, December.
- S. Krane & W. Wascher, 1999. "The cyclical sensitivity of seasonality in US employment," BIS Working Papers 67, Bank for International Settlements.
- Durbin, James & Koopman, Siem Jan, 2001.
"Time Series Analysis by State Space Methods,"
Oxford University Press, number 9780198523543.
- Tom Doan, . "SEASONALDLM: RATS procedure to create the matrices for the seasonal component of a DLM," Statistical Software Components RTS00251, Boston College Department of Economics.
- Yuzo Honda & Yoshihiro Kuroki & Minoru Tachibana, 2007. "An Injection Of Base Money At Zero Interest Rates: Empirical Evidence From The Japanese Experience 2001-2006," Discussion Papers in Economics and Business 07-08, Osaka University, Graduate School of Economics and Osaka School of International Public Policy (OSIPP).
- Anita Tuladhar & Markus Bruckner, 2010. "Public Investment as a Fiscal Stimulus: Evidence from Japan's Regional Spending During the 1990s," IMF Working Papers 10/110, International Monetary Fund.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (John P. Conley).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.