イナバ マサル   INABA Masaru   稲葉 大    所属   専修大学  経済学部    職種   教授
言語種別	英語
発行・発表の年月	2017/03
形態種別	論文
標題	Business cycle accounting for the Japanese economy using the parameterized expectations algorithm
執筆形態	未選択
掲載誌名	Kansai University Review of Economics
出版社・発行元	Faculty of Economics, Kansai University
巻・号・頁	(19),pp.1-7
著者・共著者	INABA Masaru
概要	We propose an application of the parameterized expectations algorithm (PEA) to business cycle accounting (BCA). The PEA has an advantage in that it is simple and easier to understand and implement than other non-linear solution methods for a dynamic stochastic general equilibrium model. Moreover, we apply BCA to the Japanese economy using the PEA, which relaxes the perfect foresight assumption and yields a result similar to the main finding of deterministic BCA by Kobayashi and Inaba (2006). The effects of the investment wedge are not a significant cause of the persistent recession during the 1990s. The output derived from the efficiency wedge roughly replicates actual output, while the discrepancy widened during the 1990s. The labor wedge had a significant depressing effect on output during 1989-2005. The efficiency wedge explains the recent economic recovery.
ISSN	1344-8463
NAID	120006239942