@techreport{NBERw5546,
 title = "Business Fixed Investment and the Recent Business Cycle in Japan",
 author = "Nobuhiro Kiyotaki and Kenneth D. West",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "5546",
 year = "1997",
 month = "June",
 URL = "http://www.nber.org/papers/w5546",
 abstract = {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.},
}