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U.S. R&D and Japanese Medium Term Cycles

  • R. Anton Braun


    (Faculty of Economics, University of Tokyo)

  • Toshihiro Okada


    (School of Economics, Kwansei Gakuin University)

  • Nao Sudo


    (Institute for Monetary and Economics Studies, Bank of Japan)

Between 1960 and 1990 Japanese labor productivity rose from 27 percent of the U.S. to 87 percent. These productivity gains are associated with large variations in Japanese TFP. We find that movements in Japanese TFP are associated with prior movements in U.S. R&D expenditures. Model simulations that isolate the contribution of U.S. R&D to Japanese TFP reproduce the most important swings in Japanese economic activity between 1960 and 2002.

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Paper provided by School of Economics, Kwansei Gakuin University in its series Discussion Paper Series with number 43.

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Length: 39 pages
Date of creation: Oct 2008
Date of revision: Oct 2008
Handle: RePEc:kgu:wpaper:43
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