Regional business cycle phases in Japan
This paper uses a Markov-switching model with structural breaks to characterize and compare regional business cycles in Japan for 1976-2005. An early 1990s structural break meant a reduction in national and regional growth rates in expansion and recession, usually resulting in an increase in the spread between the two phases. Although recessions tended to be experienced across a majority of regions throughout the sample period, the occurrence and lengths of recessions at the regional level have increased over time.
|Date of creation:||2006|
|Date of revision:|
|Publication status:||Published in Federal Reserve Bank of St. Louis Review, January/February 2007, 89(1), pp. 61-76|
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