Why Are Some Industries More Cyclical Than Others?
AbstractThis paper is an empirical examination of why some industries are far more cyclical than others. Using highly disaggregate panel data, the authors examine which elements of technology and market structure appear to be most closely associated with differences in cyclicality across industries. They find that durable goods industries are approximately three times more cyclical than nondurable goods industries. Within durable goods industries, the proportion of variable and quasifixed factor inputs, market concentration, and labor hoarding appear to be important determinants of cyclical behavior. In contrast, for nondurable goods industries, the authors find little systematic relationship between cyclicality and market characteristics.
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Bibliographic InfoArticle provided by American Statistical Association in its journal Journal of Business and Economic Statistics.
Volume (Year): 14 (1996)
Issue (Month): 2 (April)
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Web page: http://www.amstat.org/publications/jbes/index.cfm?fuseaction=main
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- Joao F. Gomes & Leonid Kogan & Motohiro Yogo, 2007.
"Durability of Output and Expected Stock Returns,"
NBER Working Papers
12986, National Bureau of Economic Research, Inc.
- Hao Tan & John A. Mathews, 2007. "Cyclical Dynamics in Three Industries," DRUID Working Papers 07-07, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
- Noam, Eli M., 2006. "Fundamental instability: Why telecom is becoming a cyclical and oligopolistic industry," Information Economics and Policy, Elsevier, vol. 18(3), pages 272-284, September.
- Tan, Hao & Mathews, John A., 2010. "Identification and analysis of industry cycles," Journal of Business Research, Elsevier, vol. 63(5), pages 454-462, May.
- Gerald Carlino & Keith Sill, 1996. "Common trends and common cycles in regional per capita incomes," Working Papers 96-13, Federal Reserve Bank of Philadelphia.
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