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U.S. R&D and Japanese Medium Term Cycles

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Author Info

  • R. Anton Braun

    ()
    (Faculty of Economics, University of Tokyo)

  • Toshihiro Okada

    ()
    (School of Economics, Kwansei Gakuin University)

  • Nao Sudo

    ()
    (Institute for Monetary and Economics Studies, Bank of Japan)

Abstract

Between 1960 and 1990 Japanese labor productivity rose from 27 percent of the U.S. to 87 percent. These productivity gains are associated with large variations in Japanese TFP. We find that movements in Japanese TFP are associated with prior movements in U.S. R&D expenditures. Model simulations that isolate the contribution of U.S. R&D to Japanese TFP reproduce the most important swings in Japanese economic activity between 1960 and 2002.

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File URL: http://192.218.163.163/RePEc/pdf/kgdp43.pdf
File Function: First version, 2008
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Bibliographic Info

Paper provided by School of Economics, Kwansei Gakuin University in its series Discussion Paper Series with number 43.

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Length: 39 pages
Date of creation: Oct 2008
Date of revision: Oct 2008
Handle: RePEc:kgu:wpaper:43

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Keywords: Network Medium term cycles; R&D;

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Cited by:
  1. R. Anton Braun & Daisuke Ikeda & Douglas H. Joines, 2007. "The Saving Rate in Japan: Why It Has Fallen and Why It Will Remain Low," CIRJE F-Series CIRJE-F-535, CIRJE, Faculty of Economics, University of Tokyo.
  2. R. Anton Braun & Julen Esteban-Pretel & Toshihiro Okada & Nao Sudou, 2005. "A Comparison of the Japanese and U.S. Business Cycles," CIRJE F-Series CIRJE-F-392, CIRJE, Faculty of Economics, University of Tokyo.
  3. Keisuke Otsu, 2007. "A Neoclassical Analysis of the Postwar Japanese Economy," IMES Discussion Paper Series 07-E-01, Institute for Monetary and Economic Studies, Bank of Japan.
  4. Fumio Hayashi & Edward C. Prescott, 2008. "The Depressing Effect of Agricultural Institutions on the Prewar Japanese Economy," Journal of Political Economy, University of Chicago Press, vol. 116(4), pages 573-632, 08.

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