Business Fixed Investment and the Recent Business Cycle in Japan
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NBER Working Paper No. 5546 (Also Reprint No. r2128)
Issued in June 1997
NBER Program(s): EFG
To analyze business fixed investment in Japan, which has been unusually volatile in recent years, we develop and apply a loglinear flexible accelerator model. We find that movements in business fixed investment are consistent with movements in output and the tax- adjusted cost of capital, both on average during our entire 1961-94 sample and during the recent 1986-94 business cycle.
Published: Business Fixed Investment and the Recent Business Cycle in Japan, Nobuhiro Kiyotaki, Kenneth D. West, in NBER Macroeconomics Annual 1996, Volume 11 (1996), MIT Press
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