Abe, N. (2004) The multi-sector business cycle model and aggregate shocks: an empirical analysis. Japanese Economic Review , 55 (1) pp. 101-118. 10.1111/j.1468-5876.2004.00296.x.
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Abstract
This paper discusses the applicability of a multi-sector business cycle model to the Japanese economy. Through dynamic factor analysis, output fluctuations are broken down into aggregate and sectoral shocks. It is shown that independent sectoral shocks are more significant than common shocks, which is consistent with the model proposed by Long and Plosser (1983). In addition, the paper reveals that the importance of aggregate shocks increased during the so-called "Bubble" period in the late 1980s.
| Type: | Article |
|---|---|
| Title: | The multi-sector business cycle model and aggregate shocks: an empirical analysis |
| DOI: | 10.1111/j.1468-5876.2004.00296.x |
| Publisher version: | http://dx.doi.org/10.1111/j.1468-5876.2004.00296.x |
| Language: | English |
| UCL classification: | UCL > School of Arts and Social Sciences > Faculty of Social and Historical Sciences > Economics |
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