Medium Term Business Cycles and Income Distribution in Japan and the U. S.

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This research considers macroeconomic fluctuations(e. g. income and income inequality) in a medium run and analyzes factors which cause the fluctuations in Japan and the U. S. The research consists of two kinds of studies. First, the research considers the dynamics of savings which is a major factor of income inequality. The study finds out that income expectation affects saving behavior. It shows that an increase in expected income decreases a saving rate. Second, the research builds a multi-country macroeconomic model and simulate the model to analyze how a shock in one country affect another country. The study shows that changes U. S. R & D investment can greatly explain Japan's medium-run fluctuations.