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The Great Recession: a comparison of recession magnitudes in Europe, USA and Japan
Mazurek, Jiří - Volkswirtschaftliche Fakultät, … - 2013
In this article recession magnitudes in Europe, the USA and Japan during the Great Recession are compared. The … strongest recessions (of severe category) occurred in Latvia, Lithuania and Estonia, while recessions in Japan and the USA were …-1933 in the USA. Hence, comparisons of the Great Recession to the Great Depression in the literature are somewhat exaggerated. …
Persistent link: https://www.econbiz.de/10011258149
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Estimating a DSGE Model for Japan: Evaluating and Modifying a CEE/SW/LOWW Model
Sugo, Tomohiro; Ueda, Kozo - Bank of Japan - 2007
We estimate a medium-scale DSGE model of the Japanese economy following Christiano, Eichenbaum and Evans (2005), Smets and Wouters (2003) and Levin et al. (2005). By using actual capital utilization data and modifying the formulation of utilization following Greenwood, Hercowitz and Huffmann...
Persistent link: https://www.econbiz.de/10010907504
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Deflation and Relative Prices: Evidence from Japan and Hong Kong
Gerlach, Stefan; Kugler, Peter - Verein für Socialpolitik - VfS - 2011
We test the menu cost model of Ball and Mankiw (1994, 1995) on data from the inflation and deflation periods in Japan and Hong Kong. We calculate the moments of the distribution of price changes using a random split procedure to overcome the bias noted by Cecchetti and Bryan (1999). The key...
Persistent link: https://www.econbiz.de/10010957306
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The Japanese Depression in the Interwar Period: A General Equilibrium Analysis
Saijo, Hikaru - In: Topics in Macroeconomics 8 (2008) 1, pp. 1614-1614
This paper studies the Japanese depression in the interwar period using the business cycle accounting methodology and a general equilibrium model with time-varying markups. I find that the initial slowdown of the economy can be explained by a decline in productivity. However, I also find that...
Persistent link: https://www.econbiz.de/10005086983
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Makroökonomische Bedeutung von Vermögenspreisblase: Eine Event-Studie für die G4-Länder
Hülsewig, Oliver; Wollmershäuser, Timo - In: Ifo Schnelldienst 59 (2006) 19, pp. 13-33
Der Beitrag beleuchtet im Rahmen einer Event-Studie für Deutschland, Großbritannien, Japan und die Vereinigten Staaten das Verhalten des Bruttoinlandsprodukts, des privaten Konsums, der Investitionen, der Kreditvergabe an den privaten Sektor, der Inflationsrate und der Geldpolitik in der...
Persistent link: https://www.econbiz.de/10005014025
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A partial differential equation to express a business cycle :an implication for Japan's law interest policy
Kuriyama, Akira - Volkswirtschaftliche Fakultät, … - 2011
This study presents an equation of income derived from the Keynesian IS curve and the consumption Euler equation that explains the business cycle. Drawing on multi-period data from Japan, the model confirms the conventional wisdom that the appropriate policy response to an inflationary gap is to...
Persistent link: https://www.econbiz.de/10009372620
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Structural Change in Japanese Business Fluctuations and Nikkei 225 Stock Index Futures Transactions
Watanabe, Toshiaki; Uchiyama, Hirokuni - East Asian Bureau of Economic Research (EABER) - 2005
. Nikkei 225 futures transactions were blamed for lowering stock prices in Japan, thereby increasing stock price volatility … Nikkei 225 futures transactions and the levels of the Nikkei 225 stock index, CI, IIP or their volatility. The analysis …
Persistent link: https://www.econbiz.de/10009365417
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Potential Currency Areas in East Asia using United States, Japan, or China as the Monetary Anchor
Quah, Chee Heong - In: Economía Mexicana NUEVA ÉPOCA Cierre de época (I) (2013), pp. 247-279
This paper applies fuzzy clustering techniques to developed and emerging economies in East Asia, in order to arrive at an identification of potential subgroups of economies for monetary union. The statistical criteria employed is the one suggested by the Optimal Currency Areas theory, and the...
Persistent link: https://www.econbiz.de/10010721462
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Potential Currency Areas in East Asia using United States, Japan, or China as the Monetary Anchor
Quah, Chee Heong - In: Economía Mexicana NUEVA ÉPOCA XXII (2013) 3, Cierre de época (I), pp. 247-279
This paper applies fuzzy clustering techniques to developed and emerging economies in East Asia, in order to arrive at an identification of potential subgroups of economies for monetary union. The statistical criteria employed is the one suggested by the Optimal Currency Areas theory, and the...
Persistent link: https://www.econbiz.de/10010752731
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Analogous Cycles with Lagged Co-movement: U.S. and East Asian Business Cycles
Yamagata, Tatsufumi - In: The Developing Economies 36 (1998) 4, pp. 407-439
In selected East Asian economies, the behavior of detrended macroeconomic variables was found to be similar to that observed in the postwar U.S. economy. Consumption and investment are highly procyclical while the balance of trade and the price level are counter-cyclical in most of them. Labor...
Persistent link: https://www.econbiz.de/10005534171