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Working Paper 2006-053A

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"Regional Business Cycle Phases in Japan"
by Howard J. Wall

This paper uses a Markov-switching model with structural breaks to characterize and compare regional business cycles in Japan for 1976-2005. An early 1990s structural break meant a reduction in national and regional growth rates in expansion and recession, usually resulting in an increase in the spread between the two phases. Although recessions tended to be experienced across a majority of regions throughout the sample period, the occurrence and lengths of recessions at the regional level have increased over time.

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Category > Monetary Policy/Macroeconomics
Category > Regional Economics
Author > Howard J. Wall