| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6725 |
| DP6725 Repeated Moral Hazard, Limited Liability, and Renegotiation | |
| Patrick W. Schmitz; Susanne Ohlendorf | |
| 发表日期 | 2008-02-29 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | Abstract: This paper studies the intranational business cycle - that is the set of regional (prefecture) business cycles - in Japan. One reason for choosing to examine the Japanese case is that long time series and relatively detailed data are available. A Hodrick-Prescott filter is applied to identify the cycles in annual data from 1955 to 1995 and bilateral cross-correlation coefficients are calculated for all the pairs of prefectures. Comparisons are made with similar sets of bilateral cross correlation coefficients calculated for the States of the US and for the member countries of a "synthetic Euro Area". The paper then turns to an econometric explanation of the cross-correlation coefficients (using Fisher?s z-transform), in a panel data GMM estimation framework. An augmented gravity model provides the basic model for the investigation, whilst the richness of the data base also allows for additional models to be represented. |
| 主题 | International Macroeconomics |
| 关键词 | Hodrick-prescott filter Intranational business cycle Optimal currency area Gravity model Market potential Heckscher ohlin theorem |
| URL | https://cepr.org/publications/dp6725 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/535562 |
| 推荐引用方式 GB/T 7714 | Patrick W. Schmitz,Susanne Ohlendorf. DP6725 Repeated Moral Hazard, Limited Liability, and Renegotiation. 2008. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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