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Disentangling the Effects of Multiple Treatments -Measuring the Net Economic Impact of the 1995 Great Hanshin-Awaji Earthquake

  • Hiroshi Fujiki

    (Associate Director-General and Senior Economist, Institute for Monetary and Economic Studies, Bank of Japan (E-mail:

  • Cheng Hsiao

    (Professor, Department of Economics, University of Southern California (E-mail:

We propose a panel data approach to disentangle the impact ofgone treatmenth from the gother treatmenth when the observed outcomes are subject to both treatments. We use the Great Hanshin-Awaji earthquake that took place on January 17, 1995 to illustrate our methodology. We find that there were no persistent earthquake effects. The observed persistent effects are due to structural change in Hyogo prefecture.

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Paper provided by Institute for Monetary and Economic Studies, Bank of Japan in its series IMES Discussion Paper Series with number 13-E-03.

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Date of creation: Jun 2013
Date of revision:
Handle: RePEc:ime:imedps:13-e-03
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  11. Whitney K. Newey & Kenneth D. West, 1986. "A Simple, Positive Semi-Definite, Heteroskedasticity and AutocorrelationConsistent Covariance Matrix," NBER Technical Working Papers 0055, National Bureau of Economic Research, Inc.
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