Regional business cycle phases in Japan
AbstractThis paper uses a Markov-switching model with structural breaks to characterize and compare regional business cycles in Japan for 1976-2005. An early 1990s structural break meant a reduction in national and regional growth rates in expansion and recession, usually resulting in an increase in the spread between the two phases. Although recessions tended to be experienced across a majority of regions throughout the sample period, the occurrence and lengths of recessions at the regional level have increased over time.
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Bibliographic InfoPaper provided by Federal Reserve Bank of St. Louis in its series Working Papers with number 2006-053.
Date of creation: 2006
Date of revision:
Publication status: Published in Federal Reserve Bank of St. Louis Review, January/February 2007, 89(1), pp. 61-76
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