This article is the substantially revised version of the first chapter of the author's doctoral dissertation submitted to the University of Michigan. The author is grateful to his primary advisor, Miles Kimball, for his help, advice, and encouragement. The author thanks anonymous referees, Ruediger Bachman, Susanto Basu, Richard Braun, John Fernald, Ippei Fujiwara, Masahiro Higo, Yasuo Hirose, Charles Yuji Horioka (the co-editor), Takeshi Kimura, Toshihiro Okada, Masashi Saito, Etsuro Shioji, Shigenori Shiratsuka, Tyler Shumway, Dmitriy Stolyarov, and the seminar participants at the Bank of Japan for their comments and suggestions. Jonas Fisher kindly shared his data. All remaining errors are author's. The opinions expressed in this article are author's and do not necessarily reflect those of the Bank of Japan, the OECD, or its member countries. Please address correspondence to: Shingo Watanabe, Bank of Japan, 2–1-1 Nihonbashi-Hongokucho, Chuo-ku, Tokyo 103-8660, Japan, or Economics Department, Organisation for Economic Co-operation and Development, 2, rue André-Pascal, 75775 Paris CEDEX 16, France. Phone: +33-1-45-24-99-03. E-mail: firstname.lastname@example.org or email@example.com.
THE ROLE OF TECHNOLOGY AND NONTECHNOLOGY SHOCKS IN BUSINESS CYCLES*
Article first published online: 9 OCT 2012
© (2012) by the Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association
International Economic Review
Volume 53, Issue 4, pages 1287–1321, November 2012
How to Cite
Watanabe, S. (2012), THE ROLE OF TECHNOLOGY AND NONTECHNOLOGY SHOCKS IN BUSINESS CYCLES. International Economic Review, 53: 1287–1321. doi: 10.1111/j.1468-2354.2012.00721.x
Manuscript received June 22, 2009; revised December 20, 2010.
- Issue published online: 9 OCT 2012
- Article first published online: 9 OCT 2012
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