Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/175516
Authors: 
Inaba, Masaru
Otsu, Keisuke
Year of Publication: 
2017
Series/Report no.: 
School of Economics Discussion Papers 1705
Abstract: 
We study the features of regional business cycles and growth in Japan. We find evidence of unconditional convergence over the 1955-2008 period. For the 1975-2008 period, we find evidence of convergence conditional on TFP gap, population growth, private investment rate and TFP growth. We also find that the consumption-output correlation puzzle exists, which implies that the idiosyncratic income shocks are not shared among prefectures and regions. Our analysis implies that frictions in financial markets are responsible for the low consumption risk-sharing among prefectures.
Subjects: 
Japanese Economy
Regional Convergence
Regional Business Cycle Synchronization
JEL: 
E01
E32
O47
Document Type: 
Working Paper
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