In this paper, we introduce an index of structural changes of the economy, and investigate the relationship between economic growth and structural changes in the Japanese economy We find that (i) there is no clear relationship between structural changes and business cycles in the short run...

In this paper, we introduce an index of structural changes of the economy, and investigate the relationship between economic growth and structural changes in the Japanese economy We find that (i) there is no clear relationship between structural changes and business cycles in the short run...

Kobayashi, Nakajima, and Inaba (2007) show that in the neoclassical business cycle models with collateral constraints, a boom can be generated in response to an optimistic change in expectations on the future state of the economy. They call this business cycle a news-driven cycle. In their...

Kobayashi, Nakajima, and Inaba (2007) show that in the neoclassical business cycle models with collateral constraints, a boom can be generated in response to an optimistic change in expectations on the future state of the economy. They call this business cycle a news-driven cycle. In their...