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Business cycle fluctuations in Japanese macroeconomic time series: 1980–2000

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  • Satoshi Urasawa

Abstract

This paper provides the robust stylized facts for recent Japanese business cycle fluctuations, by examining the cyclical component of macroeconomic time series based on the frequency domain analysis. The results confirm many of the conventional views on business cycles in Japan. Among the most interesting findings are that non-scheduled hours worked plays a key role as a buffer for labor inputs. Distinctively, because of the behavior of non-scheduled cash earnings and bonuses, wages in Japan are very sensitive to changes in the level of economic activity. Also significant, the relationship between money and output has changed dramatically after the collapse of the bubble economy in 1991.

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  • Satoshi Urasawa, 2008. "Business cycle fluctuations in Japanese macroeconomic time series: 1980–2000," Journal of the Asia Pacific Economy, Taylor & Francis Journals, vol. 13(4), pages 451-480.
    • Handle: RePEc:taf:rjapxx:v:13:y:2008:i:4:p:451-480
    DOI: 10.1080/13547860802364778
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    Cited by:

    1. Satoshi Urasawa, 2018. "Structural Change and Business Cycles in Japan: Revisiting the Stylized Facts," Journal of Business Cycle Research, Springer;Centre for International Research on Economic Tendency Surveys (CIRET), vol. 14(2), pages 243-281, November.
    2. YANO Koiti, 2009. "Dynamic Stochastic General Equilibrium Models Under a Liquidity Trap and Self-organizing State Space Modeling," ESRI Discussion paper series 206, Economic and Social Research Institute (ESRI).
    3. IIDA Yasuyuki & MATSUMAE Tatsuyoshi, 2009. "The Dynamic Effects of Japanese Macroeconomic Policies: Were There Any Changes in the 1990s?," ESRI Discussion paper series 209, Economic and Social Research Institute (ESRI).

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