Modeling the Volatility of Real GDP Growth: The Case of Japan Revisited

Previous studies (e.g., Hamori, 2000; Ho and Tsui, 2003; Fountas et al., 2004) find high volatility persistence of economic growth rates using generalized autoregressive conditional heteroskedasticity (GARCH) specifications. This paper reexamines the Japanese case, using the same approach and showing that this finding of high volatility persistence reflects the Great Moderation, which features a sharp decline in the variance as well as two falls in the mean of the growth rates identified by Bai and Perronâs (1998, 2003) multiple structural change test. Our empirical results provide new evidence. First, excess kurtosis drops substantially or disappears in the GARCH or exponential GARCH model that corrects for an additive outlier. Second, using the outlier-corrected data, the integrated GARCH effect or high volatility persistence remains in the specification once we introduce intercept-shift dummies into the mean equation. Third, the time-varying variance falls sharply, only when we incorporate the break in the variance equation. Fourth, the ARCH in mean model finds no effects of our more correct measure of output volatility on output growth or of output growth on its volatility.

Leben und Martertod der 26 hl. Blutzeugen aus Japan, sowie kurze Lebensgeschichte des hl. Michael de Sanctis, aus dem Orden der hl. Dreifaltigkeit zur Loskaufung der Christensklaven ... : mit Zugaben ...

aus dem Ital. übers. von J. M. Kammenzind

Die von Herrn Professor v. Siebold aus Japan eingesendeten Zier- und Nutzpflanzen

D. H.

Der winterharte Zitronenbaum aus Japan

Von Heinr. Nietner

Mein erster Zuchterfolg bei Molge pyrrhogastra, Rotbauchmolch aus Japan

Von Johs. Peter

Die Tiersage in Japan

Von Dr. Cl. Heiss

Die Tiersage in Japan : Schluss

Von Dr. Cl. Heiss

Vier neue Weidenarten aus Japan

Von Otto v. Seemen

Die Beziehungen der niederländisch-ostindischen Kompagnie zu Japan im 17. Jahrhundert

von Oskar Nachod

Ausstellung "Das Theater im Freien", Frankfurt a. M. - Die Stadt des deutschen Handwerks in Verbindung mit dem Reichsbund der deutschen Freilicht- und Volksschauspiele E. V. : Blick in eine Langseite des Kreuzganges mit den historischen Abteilungen Volksschauspiel, China, Japan, Antike.

Signatur des Originals: S 36/F07997

Dieranum fulvellum : Hochgebirge von Europa, Nordasien, Nordamerika, Japan

AR

Biology community and bottom sediments in the West Bay of the Furugelm Island, Sea of Japan

An experiment was carried out on the soft bottom in the sublitoral zone of the Furugelm Island (Peter the Great Bay, Sea of Japan) to study formation of benthic communities. Boxes with defauned sediments were placed on depths of 4, 6 and 13 m and exposed during 60 days in the summer period. Half of them were covered with a net with mesh size 2 cm to prevent effect of large predators. It was found that spatial pattern of invertebrates' sinking in the bay conforms to distribution of benthic communities. Larvae of benthic invertebrates sinks in general in places inhabited by their adult species. The main factors responsible for recolonzation are: sediment type and local hydrodynamic conditions. Heart-shaped sea urchin Echinocardium cordatum is numerically dominated in the bay on depth 3-4.5 m, but its larvae sinks in the deeper area. Community structure is supported by mature specimen migration to places inhabited by species. Predators affect largely on the species.

Benthic foraminifers from the Japan Sea

Five holes were drilled at two sites in the Sea of Japan during Ocean Drilling Program (ODP) Leg 128. Site 798 is located on Oki Ridge at a depth of about 900 m. Sediment age at Site 798 ranges from Pliocene to Holocene. Site 799 is located in the Kita-Yamato Trough at depth of 2000 m and below the present calcite compensation depth (CCD); the sediment ranges from Miocene to Holocene in age. Samples from all holes contain benthic foraminifers. Faunal evidence of downslope displacement is frequent in Holes 799A and 799B. The vertical frequency distribution of some dominant species shows that significant faunal changes occur in Holes 798A-C on Oki Ridge. Based on the faunal change and the thickness of sediments, it appears that the Oki Ridge was uplifted more than 1,000 m during last 4 m.y. Benthic foraminifers also demonstrate that the water depth of Site 799 rapidly changed from upper bathyal to lower bathyal during middle Miocene time. The appearance of benthic foraminifer species common to anaerobic environments suggests that the dysaerobic to anaerobic bottom conditions existed during the evolution of the Sea of Japan. Faunal distributions also suggest that the 'Tertiary-type' species recognized in the Neogene strata of the Japan Sea coastal regions disappeared sequentially from the Sea of Japan during Pliocene to late Pleistocene.