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Fiscal Policy and Regional Business Cycle Fluctuations in Japan

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  • Miyazaki, Tomomi
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    Abstract

    This paper examines the relationship between fiscal policy and regional business cycle fluctuations in Japan. In particular, we focus on the effects of “discretionary” changes in public investment, a portion of investment unrelated to the current state of macroeconomic circumstances. The empirical results show that such types of public investment amplify regional business cycle fluctuations.

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    File URL: http://hermes-ir.lib.hit-u.ac.jp/rs/bitstream/10086/25584/1/DP583.pdf
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    Bibliographic Info

    Paper provided by Institute of Economic Research, Hitotsubashi University in its series Discussion Paper Series with number 583.

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    Length: 40 p.
    Date of creation: Mar 2013
    Date of revision:
    Handle: RePEc:hit:hituec:583

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    Keywords: Public investment in Japan; Business cycle fluctuation; Volatility in the regional economy;

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    1. Haruo KONDOH, 2008. "Political Economy of Public Capital Formation in Japan," Macroeconomics Working Papers 22604, East Asian Bureau of Economic Research.
    2. Toshihiro Ihori, 2011. "Overlapping tax revenue, soft budget, and rent seeking," International Tax and Public Finance, Springer, vol. 18(1), pages 36-55, February.
    3. Robert J. Hodrick & Edward Prescott, 1981. "Post-War U.S. Business Cycles: An Empirical Investigation," Discussion Papers 451, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    4. Michael Artis & Toshihiro Okubo, 2010. "The Intranational Business Cycle in Japan," Discussion Paper Series DP2010-19, Research Institute for Economics & Business Administration, Kobe University.
    5. Markus Bruckner & Anita Tuladhar, 2011. "The Effectiveness of Government Expenditures during Crisis: Evidence from Regional Government Spending in Japan 1990-2000," School of Economics Working Papers 2011-10, University of Adelaide, School of Economics.
    6. Okui, Ryo, 2009. "The optimal choice of moments in dynamic panel data models," Journal of Econometrics, Elsevier, vol. 151(1), pages 1-16, July.
    7. Fatas, Antonio & Mihov, Ilian, 2001. "Government size and automatic stabilizers: international and intranational evidence," Journal of International Economics, Elsevier, vol. 55(1), pages 3-28, October.
    8. Olivier Cadot & Lars-Hendrik Röller & Andreas Stephan, 2004. "Contribution to Productivity or Pork Barrel?: The Two Faces of Infrastructure Investment," Discussion Papers of DIW Berlin 458, DIW Berlin, German Institute for Economic Research.
    9. Garey Ramey & Valerie A. Ramey, 1994. "Cross-Country Evidence on the Link Between Volatility and Growth," NBER Working Papers 4959, National Bureau of Economic Research, Inc.
    10. Leif Helland & Rune Sørensen, 2009. "Geographical redistribution with disproportional representation: a politico-economic model of Norwegian road projects," Public Choice, Springer, vol. 139(1), pages 5-19, April.
    11. Fumitoshi Mizutani & Tomoyasu Tanaka, 2010. "Productivity effects and determinants of public infrastructure investment," The Annals of Regional Science, Springer, vol. 44(3), pages 493-521, June.
    12. Haruo KONDOH, 2008. "Political Economy of Public Capital Formation in Japan," Public Policy Review, Policy Research Institute, Ministry of Finance Japan, vol. 4(1), pages 77-110, December.
    13. Miyazaki, Tomomi, 2009. "Public investment and business cycles: The case of Japan," Journal of Asian Economics, Elsevier, vol. 20(4), pages 419-426, September.
    14. John Shea, 1997. "Instrument Relevance in Multivariate Linear Models: A Simple Measure," The Review of Economics and Statistics, MIT Press, vol. 79(2), pages 348-352, May.
    15. David Roodman, 2007. "A Note on the Theme of Too Many Instruments," Working Papers 125, Center for Global Development.
    16. Blundell, R. & Bond, S., 1995. "Initial Conditions and Moment Restrictions in Dynamic Panel Data Models," Economics Papers 104, Economics Group, Nuffield College, University of Oxford.
    17. Roberto Perotti, 1999. "Fiscal Policy In Good Times And Bad," The Quarterly Journal of Economics, MIT Press, vol. 114(4), pages 1399-1436, November.
    18. Pascha, Werner & Robaschik, Frank, 2001. "The role of Japanese local governments in stabilisation policy," Duisburger Arbeitspapiere Ostasienwissenschaften 40/2001, University of Duisburg-Essen, Institute of East Asian Studies IN-EAST.
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