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TERRA ECONOMICUS

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  • Analysis of macroeconomic indicators using cohesive data: Evidence from Japan

Analysis of macroeconomic indicators using cohesive data: Evidence from Japan


TERRA ECONOMICUS, Vol. 24, No 1

Citation: Dzuba S. (2026). Analysis of macroeconomic indicators using cohesive data: Evidence from Japan. Terra Economicus 24(1), 115–132 (in Russian). DOI: 10.18522/2073-6606-2026-24-1-115-132


I analyze Japan’s macroeconomic indicators using the concept of cohesion. The results suggest that Japan’s real GDP is significantly lower than official statistics reports. Empirical evidence is provided by open-source macroeconomic data, input-output tables and energy balances. Due to the application of the concept of cohesion, these data are organized as a kind of “blockchain”. This enables cross-checking of data, the diagnosis of errors, the proposal of corrections, and, ultimately, enhances the confidence of the results. The findings confirmed that retroactive revisions of Japanese official statistics had taken place. I propose more accurate estimates of GDP, which are significantly lower compared to the official ones. I also show that the decline in GDP energy intensity observed in the official Japanese statistics is almost entirely explained by misrepresentation of inflation, rather than by increased energy efficiency.

Keywords: cohesive data; input-output tables; energy balance; energy intensity of GDP
JEL codes: C83, E01


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Publisher: Southern Federal University
ISSN: 2073-6606