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Connecting Business Cycle Research and Endogenous Growth Research: A Review and an Application to the Japanese Economy

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  • Jinnai, Ryo

Abstract

This paper reviews an emerging research integrating business cycle models and endogenous growth models. After a brief review of the historical background, I discuss selected results obtained from my own research. Using a model with bubbles, I discuss the relationship between growth rates of the economy, the level of financial development, and the existence of bubbles. The modelʼs implications are broadly consistent with the Japanese economy, i.e., high growth with a real estate bubble in the 80s, a severe recession after the bubble collapse in the 90s, and the subsequent meager growth known as Japanʼs lost decades.

Suggested Citation

  • Jinnai, Ryo, 2017. "Connecting Business Cycle Research and Endogenous Growth Research: A Review and an Application to the Japanese Economy," Economic Review, Hitotsubashi University, vol. 68(4), pages 289-302, October.
    • Handle: RePEc:hit:ecorev:v:68:y:2017:i:4:p:289-302
    DOI: 10.15057/28851
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    More about this item

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models

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