Economics, Econometrics and Finance
8 years ago

Inflation and output movements reveal Japan's real GNP fluctuations.

Monetary and and Economic Studies
Implict Estimates of the Natural and Cyclical Components of Japan's Real GNP
Charles R. Nelson

Paper Summary

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The paper looks at how to measure economic cycles by studying the relationship between inflation and output. When inflation goes up while output goes down, it suggests the natural level of output has decreased. Long-term growth is linked to the natural level, while short-term changes come from demand and real shocks. The study presents results for Japan's real GNP.