TY  - JOUR
AU  - Kiyotaki,Nobuhiro
AU  - West,Kenneth D.
TI  - Business Fixed Investment and the Recent Business Cycle in Japan
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 5546
PY  - 1997
Y2  - June 1997
UR  - http://www.nber.org/papers/w5546
L1  - http://www.nber.org/papers/w5546.pdf
N1  - Author contact info:
Nobuhiro Kiyotaki
Department of Economics
Princeton University
Fisher Hall
Princeton, NJ 08544-1021
Tel: 609-258-4000
Fax: 609-258-6419
E-Mail: kiyotaki@princeton.edu

Kenneth D. West
Department of Economics
University of Wisconsin
1180 Observatory Drive
Madison, WI  53706
Tel: 608/262-0033
Fax: 608/262-2033
E-Mail: kdwest@wisc.edu
M1  - published as Nobuhiro Kiyotaki, Kenneth D. West. "Business Fixed Investment and the Recent Business Cycle in Japan," in Ben S. Bernanke and Julio J. Rotemberg, Editors, "NBER Macroeconomics Annual 1996, Volume 11" MIT Press (1996)

AB  - 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.
ER  -