Intra & inter-regional industry shocks: A new metric with application to Australasian currency union
AbstractWe place regional industry structures at centre stage in currency union analysis, decomposing differences between regional and aggregate cycles into “industry structure” and “industry cycle” effects. The industry structure effect indicates whether a region's industry structure causes its cycle to deviate from the aggregate; the industry cycle effect indicates the importance of region-specific shocks in causing a deviation between cycles. We apply the methodology to Australasia. One region, ACT, has a material industry structure effect arising from its heavy central government concentration. No other region has a material industry structure effect; their cycles differ from the aggregate due to region-specific shocks.
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Bibliographic InfoArticle provided by Taylor & Francis Journals in its journal New Zealand Economic Papers.
Volume (Year): 40 (2006)
Issue (Month): 1 ()
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Web page: http://www.tandfonline.com/RNZP20
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- Viv Hall & John McDermott, 2008.
"An Unobserved Components Common Cycle For Australia? Implications For A Common Currency,"
CAMA Working Papers
2008-11, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
- Hall, Viv B & McDermott, C John, 2011. "An unobserved components common cycle for Australasia? Implications for a common currency," Working Paper Series 1548, Victoria University of Wellington, School of Economics and Finance.
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