IDEAS home Printed from https://ideas.repec.org/p/oec/ecoaaa/173-en.html
   My bibliography  Save this paper

The NAIRU in Japan: Measurement and Its Implications

Author

Listed:
  • Fumihira Nishizaki

Abstract

The NAIRU is estimated by using the Japanese data. There are three major findings. The NAIRU has been increasing modestly since 1970. Unlike the standard specification adopted in many OECD countries it can be estimated more precisely when the unemployment rate with a several-quarter lead is used. Hysteresis or “speed limit” effects are also detected. These findings lead to the following implications. Structural reform in the labor market should be pursued. Seeking for alternative labor market indicators which move ahead of inflation will be useful. Macroeconomic policy aimed at rapidly reducing unemployment could be costly in terms of inflation ... Cet article fournit une estimation du NAIRU à partir des données japonaises. Trois conclusions principales peuvent être tirées. Le NAIRU a légèrement augmenté depuis 1970. Contrairement aux spécifications généralement retenues pour de nombreux pays de l’OCDE, la mesure obtenue du NAIRU est plus précise si le taux de chômage pris en compte dans l’estimation est celui observé avec plusieurs trimestres d’avance. Enfin, l’existence d’effets d’hystérèse ou de “speed limit” a aussi été détectée. Ces résultats suggèrent les enseignements suivants. Il semble nécessaire de poursuivre la réforme structurelle du marché du travail. Il serait utile de chercher des indicateurs du marché du travail permettant d’anticiper les variations d’inflation. Utiliser une politique macro-économique pour réduire le chômage rapidement pourrait être coûteux en termes d’inflation ...

Suggested Citation

  • Fumihira Nishizaki, 1997. "The NAIRU in Japan: Measurement and Its Implications," OECD Economics Department Working Papers 173, OECD Publishing.
    • Handle: RePEc:oec:ecoaaa:173-en
    DOI: 10.1787/318484133467
    as

    Download full text from publisher

    File URL: https://doi.org/10.1787/318484133467
    Download Restriction: no
    File URL: https://libkey.io/10.1787/318484133467?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Agnese, Pablo & Hector, Sala, 2008. "Unemployment in Japan: A look at the ‘lost decade’," MPRA Paper 14332, University Library of Munich, Germany.
    2. Agnese, Pablo & Sala, Hector, 2009. "The fading 1990s in Japan: Driving forces behind the unemployment upsurge," International Review of Economics & Finance, Elsevier, vol. 18(3), pages 428-439, June.
    3. Jakob B. Madsen, 2005. "Empirical Estimates of the NAIRU," LABOUR, CEIS, vol. 19(3), pages 563-593, September.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:oec:ecoaaa:173-en. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: the person in charge (email available below). General contact details of provider: https://edirc.repec.org/data/edoecfr.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.