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A Comparison of the Japanese and U.S. Business Cycles

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  • R. Anton Braun

    (Faculty of Economics, University of Tokyo)

  • Julen Esteban-Pretel

    (Faculty of Economics, University of Tokyo)

  • Toshihiro Okada

    (School of Economics, Kwansei Gakuin University)

  • Nao Sudou

    (Bank of Japan and Boston University)

Abstract

The paper constructs a consistent set of quarterly Japanese data for the 1960-2002 sample period and compares properties of the Japanese and U.S. business cycles. We document some important differences in the adjustment of labor input between the two countries. In Japan most most of the adjustment is in hours per worker of males and females and also in employment of female. In the U.S. most of the adjustment is in employment of both males and females. We formulate, estimate and analyze a model that makes distinction between the intensive and extensive margin and allows for gender differences in labor supply. A weak empirical correlation between hours per worker and employment in Japanese data is a puzzle for our theory.

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Bibliographic Info

Paper provided by CIRJE, Faculty of Economics, University of Tokyo in its series CIRJE F-Series with number CIRJE-F-392.

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Length: 40 pages
Date of creation: Dec 2005
Date of revision:
Handle: RePEc:tky:fseres:2005cf392

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References

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  8. James Heckman & Lance Lochner & Christopher Taber, 1998. "Explaining Rising Wage Inequality: Explanations With A Dynamic General Equilibrium Model of Labor Earnings With Heterogeneous Agents," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 1(1), pages 1-58, January.
  9. Richard Rogerson, 2010. "Indivisible Labor, Lotteries and Equilibrium," Levine's Working Paper Archive 250, David K. Levine.
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  12. Takatoshi Ito, 1991. "The Japanese Economy," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262090295, December.
  13. Paul Gomme & Richard Rogerson & Peter Rupert & Randall Wright, 2004. "The business cycle and the life cycle," Working Paper 0404, Federal Reserve Bank of Cleveland.
  14. R. Anton Braun & Toshihiro Okada & Nao Sudo, 2008. "U.S. R&D and Japanese Medium Term Cycles," Discussion Paper Series 43, School of Economics, Kwansei Gakuin University, revised Oct 2008.
  15. Lee, Bong-Soo & Ingram, Beth Fisher, 1991. "Simulation estimation of time-series models," Journal of Econometrics, Elsevier, vol. 47(2-3), pages 197-205, February.
  16. Hansen, Gary D., 1985. "Indivisible labor and the business cycle," Journal of Monetary Economics, Elsevier, vol. 16(3), pages 309-327, November.
  17. Enrique G. Mendoza & Assaf Razin & Linda L. Tesar, 1994. "Effective Tax Rates in Macroeconomics: Cross-Country Estimates of Tax Rates on Factor Incomes and Consumption," NBER Working Papers 4864, National Bureau of Economic Research, Inc.
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Cited by:
  1. Esteban-Pretel, Julen & Nakajima, Ryo & Tanaka, Ryuichi, 2010. "TFP growth slowdown and the Japanese labor market in the 1990s," Journal of the Japanese and International Economies, Elsevier, vol. 24(1), pages 50-68, March.
  2. Maria Teresa Punzi, 2013. "Housing Market and Current Account Imbalances in the International Economy," Review of International Economics, Wiley Blackwell, vol. 21(4), pages 601-613, 09.
  3. Sugo, Tomohiro & Ueda, Kozo, 2008. "Estimating a dynamic stochastic general equilibrium model for Japan," Journal of the Japanese and International Economies, Elsevier, vol. 22(4), pages 476-502, December.
  4. Hara, Naoko & Ichiue, Hibiki, 2011. "Real-time analysis on Japan's labor productivity," Journal of the Japanese and International Economies, Elsevier, vol. 25(2), pages 107-130, June.
  5. Shuhei Aoki & Julen Esteban-Pretel & Tetsuji Okazaki & Yasuyuki Sawada, 2009. "The Role of the Government in Facilitating TFP Growth during Japan's Rapid Growth Era," CIRJE F-Series CIRJE-F-622, CIRJE, Faculty of Economics, University of Tokyo.
  6. Keisuke Otsu, 2011. "Accounting for Japanese Business Cycles: A Quest for Labor Wedges," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 29, pages 143-170, November.
  7. Gunji, Hiroshi & Miyazaki, Kenji, 2011. "Estimates of average marginal tax rates on factor incomes in Japan," Journal of the Japanese and International Economies, Elsevier, vol. 25(2), pages 81-106, June.
  8. "Otsu, Keisuke", 2011. "Working Effort and the Japanese Business Cycle," Economic Review, Hitotsubashi University, vol. 62(1), pages 20-29, January.
  9. Aoki, Shuhei & Kitahara, Minoru, 2008. "Measuring the Dynamic Cost of Living Index from Consumption Data," MPRA Paper 9802, University Library of Munich, Germany.
  10. Ko, Jun-Hyung & Murase, Koichi, 2013. "Great Moderation in the Japanese economy," Japan and the World Economy, Elsevier, vol. 27(C), pages 10-24.
  11. Ko, Jun-Hyung & Miyazawa, Kensuke & Vu, Tuan Khai, 2012. "News shocks and Japanese macroeconomic fluctuations," Japan and the World Economy, Elsevier, vol. 24(4), pages 292-304.

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