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dc.contributor.authorCheung, Yin-Wongen_US
dc.contributor.authorFujii, Eijien_US
dc.description.abstractTo control for product quality and eliminate the exchange rate volatility effect, we use the Japanese regional data to study the Penn effect - the positive relationship between price and income levels. Similarly to what is widely documented with international data, the price and income levels exhibit significant positive association across the Japanese prefectures. Furthermore, the intra-Japan Penn effect is driven essentially by prices of nontradables. The effect is also found stronger among rich prefectures than poor ones, as is the case with the international data. In explaining the Penn effect within Japan, we find that the measures of sectoral productivity do not behave in the way suggested by the Balassa-Samuelson hypothesis. On the other hand, the population density variable that captures the agglomeration effect offers a good explanatory power.en_US
dc.publisherCenter for Economic Studies and Ifo Institute (CESifo) Munichen_US
dc.relation.ispartofseriesCESifo Working Paper: Monetary Policy and International Finance 3955en_US
dc.subject.keywordagglomeration effecten_US
dc.subject.keywordPenn effecten_US
dc.subject.keywordsectoral productivity differentialen_US
dc.subject.keywordtradables and non-tradablesen_US
dc.subject.keywordpopulation densityen_US
dc.subject.stwRegionale Einkommensverteilungen_US
dc.subject.stwBalassa-Samuelson Effekten_US
dc.titleThe Penn effect within a country: Evidence from Japanen_US
dc.typeWorking Paperen_US
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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