Business Fixed Investment and the Recent Business Cycle in Japan

Nobuhiro Kiyotaki, Kenneth D. West

Research output: Contribution to journalArticlepeer-review

22 Scopus citations


To analyze business fixed investment in Japan, which has been unusually volatile in recent years, we develop and apply a log-linear flexible accelerator model. We find that movements in business fixed investment are consistent with movements in output and the tax-adjusted cost of capital, both on average during our entire 1961-1994 sample and during the recent 1986-1994 business cycle.

Original languageEnglish (US)
Pages (from-to)X5-323
JournalNBER Macroeconomics Annual
StatePublished - 1996
Externally publishedYes

All Science Journal Classification (ASJC) codes

  • Economics and Econometrics


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