This study aims at understanding regional growth dynamics in Japan using nonstationary panel data. Since the panel unit root test does not adequately produce a detailed picture of the development of Japanese prefectures, we follow a panel cointegration approach using the PANIC method. We find...

This paper re-examines the empirical evidence on the potency of Japanese monetary policy in the 1990s by comparing the estimated impacts of various proxies of monetary policy shocks on the macro economy. My empirical results demonstrate that the surprise target changes as a proxy of monetary...