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| Author: | Abe, N. |
| Title: | The multi-sector business cycle model and aggregate shocks: an empirical analysis |
| Journal: | Japanese Economic Review
2004 : MAR, VOL. 55:1, p. 101-118 |
| Index terms: | Business cycles Economic shocks Factor analysis Japan |
| Language: | eng |
| Abstract: | The applicability of a multi-sector business cycle model to the Japanese economy is discussed in this article. 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). |
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