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Asymmetric Effects Of Aggregate Demand Shocks Across U.S. Industries: Evidence And Implications

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Magda Kandil () (International Monetary Fund)

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Abstract

Both time-series and cross-sectional regressions are estimated for 28 private two-digit standard industrial classification (S.I.C.) industries in the United States. Positive and negative aggregate demand shocks have varying effects on each of real output growth, nominal wage inflation, and price inflation for many industries. Asymmetry appears to be the result of movements in demand along a kinked-slope industrial supply curve. Supply-side asymmetry appears to be induced by trend price inflation. In addition, the variability of industrial demand increases asymmetry in the effects of aggregate demand shocks on industrial variables.

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File URL: http://college.holycross.edu/eej/Volume32/V32N2P259_283.pdf
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Article provided by Eastern Economic Association in its journal Eastern Economic Journal.

Volume (Year): 32 (2006)
Issue (Month): 2 (Spring)
Pages: 259-283
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Handle: RePEc:eej:eeconj:v:32:y:2006:i:2:p:259-283

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  12. Pagan, Adrian, 1984. "Econometric Issues in the Analysis of Regressions with Generated Regressors," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 25(1), pages 221-47, February. [Downloadable!] (restricted)
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