{"id":"https://openalex.org/W3123848890","doi":null,"title":"Sources of Business Fluctuations: Financial or Technology Shocks?","display_name":"Sources of Business Fluctuations: Financial or Technology Shocks?","publication_year":2010,"publication_date":"2010-12-01","ids":{"openalex":"https://openalex.org/W3123848890","mag":"3123848890"},"language":"en","primary_location":{"id":"pmh:oai:RePEc:boj:bojwps:10-e-12","doi":null,"is_oa":false,"landing_page_url":"http://www.boj.or.jp/en/research/wps_rev/wps_2010/data/wp10e12.pdf","pdf_url":"http://www.boj.or.jp/en/research/wps_rev/wps_2010/data/wp10e12.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"},"volume":null,"type":"preprint","is_traditional":true,"indexed_in":[],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5030604799","display_name":"Sohei Kaihatsu","orcid":"https://orcid.org/0000-0002-0141-7719","observed_orcids":["https://orcid.org/0000-0002-0141-7719"]},"institutions":[{"id":"https://openalex.org/I47232531","display_name":"Bank of Japan","ror":"https://ror.org/04zmdqe71","country_code":"JP","type":"other","lineage":["https://openalex.org/I47232531"]}],"countries":["JP"],"is_corresponding":false,"raw_author_name":"Sohei Kaihatsu","raw_affiliation_strings":["Bank of Japan, 2-1-1 Nihonbashi-Hongokucho, Chuo-ku, Tokyo, 103-8660 Japan"],"raw_orcid":"https://orcid.org/0000-0002-0141-7719","affiliations":[{"raw_affiliation_string":"Bank of Japan, 2-1-1 Nihonbashi-Hongokucho, Chuo-ku, Tokyo, 103-8660 Japan","institution_ids":["https://openalex.org/I47232531"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5081312851","display_name":"Takushi Kurozumi","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I47232531","display_name":"Bank of Japan","ror":"https://ror.org/04zmdqe71","country_code":"JP","type":"other","lineage":["https://openalex.org/I47232531"]}],"countries":["JP"],"is_corresponding":false,"raw_author_name":"Takushi Kurozumi","raw_affiliation_strings":["Bank of Japan, 2-1-1 Nihonbashi-Hongokucho, Chuo-ku, Tokyo, 103-8660 Japan"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Bank of Japan, 2-1-1 Nihonbashi-Hongokucho, Chuo-ku, Tokyo, 103-8660 Japan","institution_ids":["https://openalex.org/I47232531"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":[],"corresponding_institution_ids":["https://openalex.org/I47232531"],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":false,"cited_by_count":1,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9609000086784363,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9609000086784363,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12137","display_name":"Economic theories and models","score":0.023399999365210533,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10503","display_name":"Global Financial Crisis and Policies","score":0.005100000184029341,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/business-cycles","display_name":"business cycles","score":0.7649999856948853},{"id":"https://openalex.org/keywords/technology-shocks","display_name":"productivity shocks","score":0.7049999833106995},{"id":"https://openalex.org/keywords/financial-shocks","display_name":"financial shocks","score":0.9539999961853027},{"id":"https://openalex.org/keywords/financial-accelerator","display_name":"financial accelerator","score":0.7549999952316284},{"id":"https://openalex.org/keywords/external-finance-premium","display_name":"external finance premium","score":0.9649999737739563},{"id":"https://openalex.org/keywords/investment-fluctuations","display_name":"investment fluctuations","score":0.6940000057220459},{"id":"https://openalex.org/keywords/credit-growth","display_name":"credit growth","score":0.6980000138282776},{"id":"https://openalex.org/keywords/boom-bust-cycles","display_name":"boom-bust cycles","score":0.8460000157356262},{"id":"https://openalex.org/keywords/output-fluctuations","display_name":"output fluctuations","score":0.5509999990463257},{"id":"https://openalex.org/keywords/dsge-model","display_name":"DSGE model","score":0.6710000038146973},{"id":"https://openalex.org/keywords/japan","display_name":"Japan","score":0.4790000021457672},{"id":"https://openalex.org/keywords/united-states","display_name":"United States","score":1.0}],"concepts":[{"id":"https://openalex.org/C2778055162","wikidata":"https://www.wikidata.org/wiki/Q5449686","display_name":"Financial accelerator","level":4,"score":0.8526835441589355},{"id":"https://openalex.org/C489367","wikidata":"https://www.wikidata.org/wiki/Q1962064","display_name":"Dynamic stochastic general equilibrium","level":3,"score":0.7938346862792969},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.6788683533668518},{"id":"https://openalex.org/C2776318286","wikidata":"https://www.wikidata.org/wiki/Q16963850","display_name":"Technology shock","level":4,"score":0.6520469188690186},{"id":"https://openalex.org/C2781300812","wikidata":"https://www.wikidata.org/wiki/Q178061","display_name":"Shock (circulatory)","level":2,"score":0.6479300856590271},{"id":"https://openalex.org/C27548731","wikidata":"https://www.wikidata.org/wiki/Q88272","display_name":"Investment (military)","level":3,"score":0.6251721978187561},{"id":"https://openalex.org/C83873408","wikidata":"https://www.wikidata.org/wiki/Q192311","display_name":"Business cycle","level":2,"score":0.6017578840255737},{"id":"https://openalex.org/C141441539","wikidata":"https://www.wikidata.org/wiki/Q1970908","display_name":"Boom","level":2,"score":0.5547201633453369},{"id":"https://openalex.org/C2778929795","wikidata":"https://www.wikidata.org/wiki/Q17489160","display_name":"Bust","level":3,"score":0.5110200643539429},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.4895690381526947},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.3895517587661743},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.28584617376327515},{"id":"https://openalex.org/C126285488","wikidata":"https://www.wikidata.org/wiki/Q178476","display_name":"Monetary policy","level":2,"score":0.21007484197616577},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.0},{"id":"https://openalex.org/C126322002","wikidata":"https://www.wikidata.org/wiki/Q11180","display_name":"Internal medicine","level":1,"score":0.0},{"id":"https://openalex.org/C87717796","wikidata":"https://www.wikidata.org/wiki/Q146326","display_name":"Environmental engineering","level":1,"score":0.0},{"id":"https://openalex.org/C94625758","wikidata":"https://www.wikidata.org/wiki/Q7163","display_name":"Politics","level":2,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C71924100","wikidata":"https://www.wikidata.org/wiki/Q11190","display_name":"Medicine","level":0,"score":0.0},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"pmh:oai:RePEc:boj:bojwps:10-e-12","doi":null,"is_oa":false,"landing_page_url":"http://www.boj.or.jp/en/research/wps_rev/wps_2010/data/wp10e12.pdf","pdf_url":"http://www.boj.or.jp/en/research/wps_rev/wps_2010/data/wp10e12.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"},{"id":"mag:3123848890","doi":null,"is_oa":false,"landing_page_url":"https://econpapers.repec.org/paper/bojbojwps/10-e-12.htm","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"RePEc: Research Papers in Economics","raw_type":null}],"best_oa_location":null,"sustainable_development_goals":[{"id":"https://metadata.un.org/sdg/8","display_name":"Decent work and economic growth","score":0.48510000109672546}],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":0,"referenced_works":[],"related_works":["https://openalex.org/W2138045797","https://openalex.org/W1544664529","https://openalex.org/W2606033193","https://openalex.org/W3103619978","https://openalex.org/W3122627340","https://openalex.org/W3125796400","https://openalex.org/W7095380436","https://openalex.org/W6922446559","https://openalex.org/W1493711845","https://openalex.org/W7101050279"],"abstract_inverted_index":{"Despite":[0],"the":[1,8,35,41,45,73,82,101,116,118,155,166,174,179,183,191],"widespread":[2],"belief":[3],"that":[4,18,146],"technology":[5,49,127,141],"shocks":[6,80,131,161],"are":[7,132],"main":[9,119],"source":[10,43],"of":[11,44,104,122,171],"business":[12],"fluctuations,":[13,46],"recent":[14],"empirical":[15],"studies":[16],"find":[17],"an":[19],"investment":[20,74,105,138,172],"efficiency":[21,75],"shock":[22,76],"mainly":[23],"drives":[24],"such":[25],"fluctuations":[26,124,139],"and":[27,67,71,86,106,115,129,150,168,182,187],"reflects":[28],"financial":[29,47,55,79,130,175],"conditions":[30],"for":[31,137],"investment.":[32],"This":[33,91],"poses":[34],"question":[36],"as":[37,135,140],"to":[38,81,87,162],"what":[39],"is":[40,93,125],"major":[42],"or":[48],"shocks.":[50,142],"We":[51,109,143],"thus":[52],"incorporate":[53],"a":[54,59,147,151],"accelerator":[56,176],"mechanism":[57,177],"into":[58],"DSGE":[60],"model":[61,92],"with":[62,77,98],"stochastic":[63],"trends":[64],"in":[65,112,154,185,190],"neutral":[66,126],"investment-specific":[68],"technological":[69],"changes,":[70],"replace":[72],"two":[78],"external":[83,156],"finance":[84,157],"premium":[85],"entrepreneurs'":[88],"net":[89],"worth.":[90],"estimated":[94],"by":[95,160],"Bayesian":[96],"methods":[97],"data":[99],"including":[100],"relative":[102],"price":[103],"credit":[107],"growth.":[108],"show":[110,145],"that,":[111],"both":[113],"Japan":[114,186],"U.S.,":[117],"driving":[120],"force":[121],"output":[123],"shocks,":[128],"at":[133],"least":[134],"important":[136],"also":[144],"sharp":[148],"decline":[149],"subsequent":[152],"hike":[153],"premium,":[158,164],"caused":[159],"this":[163],"induced":[165],"boom":[167],"bust":[169],"cycles":[170],"via":[173],"during":[178],"late":[180],"1980s":[181],"1990s":[184],"since":[188],"2004":[189],"U.S.":[192]},"counts_by_year":[{"year":2018,"cited_by_count":1}],"updated_date":"2026-08-11T07:18:39.950985","created_date":"2021-02-01T00:00:00"}