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The business cycle and industry comovement Author info | Abstract | Publisher info | Download info | Related research | Statistics Andreas Hornstein
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The U.S. business cycle is characterized by the general increase and decrease of activity across all industries. When the pattern of industry comovement (documented here) is compared to corresponding properties of multi-sector growth models, a striking mismatch appears. Simply put, the basic multi-sector model has trouble accounting for the pattern of comovement. This problem holds whether one attributes the source of the business cycle to independent industry shocks or to mutually shared aggregate shocks.
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Article provided by Federal Reserve Bank of Richmond in its journal Economic Quarterly .
Volume (Year): (2000)
Issue (Month): Win ()
Pages: 27-48
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Handle: RePEc:fip:fedreq:y:2000:i:win:p:27-48Contact details of provider: Web page: http://www.richmondfed.org/ More information through EDIRC
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Keywords: Business cycles Other versions of this item:
References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.: Lawrence J. Cristiano & Terry J. Fitzgerald, 1998.
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references Cited by : (explanations , Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.)
Bernd Süssmuth & Ulrich Woitek, 2005.
"Some New Results on Industrial Sector Mode-Locking and Business Cycle Formation ,"
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Ángel Estrada & David López-Salido, 2005.
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Michael J. Lamla & Sarah M. Lein & Jan-Egbert Sturm, 2007.
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F. Owen Irvine & Scott Schuh, 2005.
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05-9, Federal Reserve Bank of Boston.
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Rebelo, Sérgio, 2005.
"Real Business Cycle Models: Past, Present and Future ,"
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Sergio Rebelo, 2005.
"Real Business Cycle Models: Past, Present and Future ,"
RCER Working Papers
522, University of Rochester - Center for Economic Research (RCER).
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[Downloadable!] (restricted) Junhee Lee, 2004.
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Owen Irvine & Scott Schuh, 2007.
"The roles of comovement and inventory investment in the reduction of output volatility ,"
Proceedings ,
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Francesco Busato, 2004.
"Relative Demand Shocks ,"
Economics Working Papers
2004-11, School of Economics and Management, University of Aarhus.
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