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A comparison of the Japanese and U.S. business cycles

  • Anton Braun, R.
  • Esteban-Pretel, Julen
  • Okada, Toshihiro
  • Sudou, Nao

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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Article provided by Elsevier in its journal Japan and the World Economy.

Volume (Year): 18 (2006)
Issue (Month): 4 (December)
Pages: 441-463

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Handle: RePEc:eee:japwor:v:18:y:2006:i:4:p:441-463
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/505557

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  1. McGrattan, Ellen R., 1994. "The macroeconomic effects of distortionary taxation," Journal of Monetary Economics, Elsevier, vol. 33(3), pages 573-601, June.
  2. R. Anton Braun & Toshihiro Okada & Nao Sudou, 2006. "U.S. R&D and Japanese Medium Term Cycles," Bank of Japan Working Paper Series 06-E-6, Bank of Japan.
  3. Fumio Hayashi & Edward C. Prescott, 2000. "The 1990s in Japan: a lost decade," Working Papers 607, Federal Reserve Bank of Minneapolis.
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  13. Richard Rogerson, 2010. "Indivisible Labor, Lotteries and Equilibrium," Levine's Working Paper Archive 250, David K. Levine.
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