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- W1983006504 abstract "This paper examines the differences between economic fluctuations in the United States and Japan during the period from 1972 through 1986. During this period the size of the fluctuations in real output in Japan was much smaller than in the United States. This difference is independent of the method of detrending and shows up clearly in simple time series plots. Using vector autoregressions and their moving average representations, important differences in the dynamics of inflation and output are uncovered. These differences are examined using a macroeconomic theory that combines monetary factors and slow wage adjustment. The theory suggests that differences in wage determination and monetary policy can explain many of the differences in output and price fluctuations in the two countries. The difference in wage determination is attributed to the synchronized wage determination process in annual Shunto in Japan rather than to profit sharing via the bonus system." @default.
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- W1983006504 date "1989-06-01" @default.
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- W1983006504 title "Differences in economic fluctuations in Japan and the United States: The role of nominal rigidities" @default.
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- W1983006504 doi "https://doi.org/10.1016/0889-1583(89)90001-4" @default.
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