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Sectoral Specialization in Austria and in the EU-15

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Author Info

  • Juergen Janger

    () (Oesterreichische Nationalbank)

  • Karin Wagner

    () (Oesterreichische Nationalbank)

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    Abstract

    This study examines sectoral specialization patterns in the EU-15 and in the euro area as well as in Austria. These patterns have policy relevance in so far as a high degree of sectoral specialization may trigger asymmetric shocks, foster the emergence of inflation differentials and impact on long-term growth. The developments seen since 1980 have created a favorable climate for conducting the single monetary policy; the degree of sectoral specialization is low in Austria and the EU, it has changed only moderately and has caused neither cyclical nor inflation differentials. At the same time, the individual sectors shares in value added have changed, in some cases even dramatically. However, there are signs both in the euro area and in Austria that the current sectoral specialization patterns provide suboptimal conditions for long-term growth.

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    Bibliographic Info

    Article provided by Oesterreichische Nationalbank (Austrian Central Bank) in its journal Monetary Policy and the Economy.

    Volume (Year): (2004)
    Issue (Month): 2 (July)
    Pages: 37-54

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    Handle: RePEc:onb:oenbmp:y:2004:i:2:b:3

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    Related research

    Keywords: Specialization; Austria; EU-15;

    References

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    1. Sorensen, Bent E & Yosha, Oved, 1999. "Risk Sharing and Industrial Specialization: Regional and International Evidence," CEPR Discussion Papers 2295, C.E.P.R. Discussion Papers.
    2. Yvonne Wolfmayr-Schnitzer, . "Economic Integration, Specialisation and the Location of Industries. A Survey of the Theoretical Literature," WIFO Working Papers 120, WIFO.
    3. Baumol, William J, 1972. "Macroeconomics of Unbalanced Growth: Reply," American Economic Review, American Economic Association, vol. 62(1), pages 150, March.
    4. Ad van Riet & Ekkehard Ernst & Christophe Madaschi & Fabrice Orlandi & Alvaro Santos Rivera & Benoît Robert & Jörg Döpke & Constantina Backinezos & Ioanna Bardakas & Esther Gordo Mora & Christian B, 2004. "Sectoral specialisation in the EU a macroeconomic perspective," Occasional Paper Series 19, European Central Bank.
    5. Overman, Henry G. & Ulltveit-Moe, Karen-Helene & Venables, Anthony J., 2000. "Comparative Advantage and Economic Geography: Estimating the Location of Production in the EU," CEPR Discussion Papers 2618, C.E.P.R. Discussion Papers.
    6. Balazs Égert & Doris Ritzberger-Gruenwald & Maria Antoinette Silgoner, 2004. "Inflation Differentials in Europe: Past Experience and Future Prospects," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 1, pages 47-72, May.
    7. Bayoumi, Tamim & Prasad, Eswar, 1995. "Currency Unions, Economic Fluctuations and Adjustment: Some Empirical Evidence," CEPR Discussion Papers 1172, C.E.P.R. Discussion Papers.
    8. Ernest Gnan & Juergen Janger & Johann Scharler, 2004. "Determinants of Long-Term Growth in Austria — A Call for a National Growth Strategy," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 1, pages 23-46, May.
    9. Eswar Prasad & Tamim Bayoumi, 1996. "Currency Unions, Economic Fluctuations, and Adjustment - Some New Empirical Evidence," IMF Working Papers 96/81, International Monetary Fund.
    10. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
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    Cited by:
    1. Ernest Gnan & Claudia Kwapil & Maria Terese Valderrama, 2005. "EU and EMU Entry: A Monetary Policy Regime Change for Austria?," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 2, pages 53–68, August.

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