This paper examines the cyclicality of Japanese public investment for the prefectural-level business cycles as well as for the aggregate ones. We estimate the public investment reaction function, in which regional business cycles are explicitly discriminated from national business fluctuations...

Distinguishing accurately pure macroeconomic stabilization policies from election-motivated manipulations might be a difficult task within the framework of regression analysis. This paper attempts to demonstrate that the simple introduction of frequency-domain perspective provides a direct means...

Using Japanese macroeconomic data over 1980:Q1-2010:Q1, we estimate their time-varying seasonal components and investigate the impact of public investment smoothing on the construction industry. It is shown that the seasonal fluctuations of public investment had faded away after the collapse of...