The impact of technology shocks on the Japanese business cycle—An empirical analysis based on Japanese industry data

Miyagawa, Tsutomu; Sakuragawa, Yukie; Takizawa, Miho

doi:10.1016/j.japwor.2006.04.004

Cited by 10 publications

(7 citation statements)

References 23 publications

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“…The discontinuity in the survey because of the annual renewal of sampled firms has been raised as an issue and attempts have been made to overcome the problem (cf., Ogawa et al, 1994;Ogawa, 2000 andand Miyagawa et al, 2006). However, this paper does not make any adjustment because we use ratio variables, the numerator and denominator of which are constructed from the FSSC results surveyed in the same period, and thus the discontinuity seems to be less problematic.…”

Section: Methodology and Variablesmentioning

confidence: 99%

Bankruptcy dynamics in Japan

Harada

Kageyama

2011

Japan and the World Economy

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This paper investigates aggregate bankruptcies in Japan, with a particular focus on revealing the dynamic characteristics of the series. For this purpose, we estimate a vector autoregression comprised of five economic variables and the bankruptcy rate, and construct its impulse responses. The estimation results show expected and consistent relationships between economic shocks and aggregate bankruptcies: in particular, a positive shock in the call rate clearly raises the bankruptcy rate. Our results further imply that changes in the bankruptcy rate reflect the accumulated impact of various shocks in the present and past, to which it has a distinct response structure.JEL classification: C32, E32, G33

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Section: Methodology and Variablesmentioning

confidence: 99%

Bankruptcy dynamics in Japan

Harada

Kageyama

2011

Japan and the World Economy

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“…Thus, technology shocks can be better estimated by eliminating the effects of markup and IRS from TFP growth, and allowing for capacity utilization if there exist IRS, imperfect competition, and variable capacity utilization. For the Japanese economy, empirical studies reported considerable bias in TFP due to the restrictive assumptions (Kawamoto ; Kim and Lee ; Kiyota ; Miyagawa, Sakuragawa, and Takizawa ).…”

Section: Introductionmentioning

confidence: 99%

Factor Determinants of Total Factor Productivity Growth for the Japanese Manufacturing Industry

Kim

2015

Contemporary Economic Policy

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This study uses industrial panel data for Japanese manufacturing to estimate the sources of productivity growth by simultaneously considering embodied technical progress, spillover effects, and openness, after controlling for returns to scale, imperfect competition, and capacity utilization. Estimation results show the existence of considerable embodied technical progress and interindustry externalities of capital investments positively affecting productivity growth. Furthermore, embodied technical progress causes research and development (R&D) capital to affect productivity growth insignificantly, suggesting that the impact of R&D is realized only after being embodied into other capitals. From sector‐wise estimations, we notice differences in factors affecting productivity growth between the durable and nondurable manufacturing sectors. (JEL D24, O30)

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“…Contrary to earlier anticipation of great waves of new IT firms and growth in hiring, however, recent studies by Anton Braun et al (2006) and Miyagawa et al (2006) both found that the short run response to (positive) TFP shocks tend to reduce labor inputs 6 . Nishimura and Minetaki (2004) finds that the impact of IT use on productivity in Japan is extremely low compared to the United States, especially in the computer software industry.…”

Section: It Revolutionmentioning

confidence: 82%

“…Instead, they find it optimal to move out of employment and search for a job in g sector. Thus the change will produce immediate job destructions and resulting move to unemployment pool for the trained (at d sector) workers to g sector 24 . We would expect to have a spike in separation and accession rate.…”

Section: Short Run and Long Run Impactsmentioning

confidence: 99%

Labor Immobility in Japan: Its Causes and Consequences

Ariga¹,

Okazawa²

2010

Japan's Bubble, Deflation, and Long-Term Stagnation

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This paper builds and calibrates a model of competitive search that can reproduce a set of stylized facts concerning major impacts of the decade long stagnation and subsequent changes in the labor market in Japan. We highlight the role played by varying degrees of relation specific investments in forming employment relations. By embedding such a system of employment in an economy plagued with limited capital mobility, we show that the macro technology shocks can generate upward drift in Beveridge curve, pro-longed periods of labor adjustments, decline in the share of jobs with costly investment in training, and strong cohort effects. The paper also simulates impacts of 'zombie' jobs, firing cost, and subsidy for training. Through these simulations we show that the combination of the macro technology shocks and high cost of re-training is responsible for the sluggish labor adjustment, shrinking core employment, and stagnant productivity.

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The impact of technology shocks on the Japanese business cycle—An empirical analysis based on Japanese industry data

Cited by 10 publications

References 23 publications

Bankruptcy dynamics in Japan

Bankruptcy dynamics in Japan

Factor Determinants of Total Factor Productivity Growth for the Japanese Manufacturing Industry

Labor Immobility in Japan: Its Causes and Consequences

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