| Article ID | Journal | Published Year | Pages | File Type |
|---|---|---|---|---|
| 965011 | Journal of the Japanese and International Economies | 2011 | 27 Pages |
Abstract
⺠We study the Japanese industrial production data from 1988 to 2007. ⺠Random matrix theory is valid for extracting dominant factors out of noise. ⺠Combined with Fourier analysis we identify two business cycles of 60 and 40 months. ⺠These findings show that the major cause of business cycles is real demand shocks. ⺠The 2008-2009 economic crisis in Japan is caused by an exogenous negative demand shock.
Related Topics
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Economics, Econometrics and Finance
Economics and Econometrics
Authors
Hiroshi Iyetomi, Yasuhiro Nakayama, Hiroshi Yoshikawa, Hideaki Aoyama, Yoshi Fujiwara, Yuichi Ikeda, Wataru Souma,