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Sectors and the OECD Business Cycle

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  • Imbs, Jean

Abstract

This paper argues that economic structure is a robust determinant of the OECD business cycle. Countries that share similar manufacturing sectors are shown to display more synchronized business cycles. Interestingly, the well-established rule of trade impacting on rich countries' business cycles is thus mitigated, and its direct impact lessened. The structure of sectoral output also goes some way towards explaining idiosyncracies in the UK business cycle.

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Bibliographic Info

Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 2473.

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Date of creation: Jun 2000
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Handle: RePEc:cpr:ceprdp:2473

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Keywords: Economic Structure; International Business Cycles; Trade;

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References

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  1. Wacziarg, Romain & Imbs, Jean, 2000. "Stages of Diversification," Research Papers 1653, Stanford University, Graduate School of Business.
  2. Albert Marcet & Morte O. Ravn, . "The HP-Filter in Cross-Country Comparisons," Studies on the Spanish Economy 100, FEDEA.
  3. Jeffrey A. Frankel & Shang-Jin Wei, 1998. "Open Regionalism in a World of Continental Trade Blocs," IMF Working Papers 98/10, International Monetary Fund.
  4. Andrew K. Rose, 1999. "One Money, One Market: Estimating the Effect of Common Currencies on Trade," NBER Working Papers 7432, National Bureau of Economic Research, Inc.
  5. Artis, Michael J & Zhang, Wenda, 1995. "International Business Cycles and the ERM: Is there a European Business Cycle?," CEPR Discussion Papers 1191, C.E.P.R. Discussion Papers.
  6. David H. Romer & Jeffrey A. Frankel, 1999. "Does Trade Cause Growth?," American Economic Review, American Economic Association, vol. 89(3), pages 379-399, June.
  7. Frankel, Jeffrey A & Rose, Andrew K, 1996. "The Endogeneity of the Optimum Currency Area Criteria," CEPR Discussion Papers 1473, C.E.P.R. Discussion Papers.
  8. Canova, Fabio, 1993. "Detrending and Business Cycle Facts," CEPR Discussion Papers 782, C.E.P.R. Discussion Papers.
  9. Jean IMBS, 1998. "Co-Fluctuations," Cahiers de Recherches Economiques du Département d'Econométrie et d'Economie politique (DEEP) 9819, Université de Lausanne, Faculté des HEC, DEEP.
  10. Frankel, Jeffrey A. & Rose, Andrew K., 1997. "Is EMU more justifiable ex post than ex ante?," European Economic Review, Elsevier, vol. 41(3-5), pages 753-760, April.
  11. Alan C. Stockman, 1987. "Sectoral and National Aggregate Disturbances to Industrial Output in Seven European Countries," NBER Working Papers 2313, National Bureau of Economic Research, Inc.
  12. Helg, Rodolfo & Manasse, Paolo & Monacelli, Tommaso & Rovelli, Riccardo, 1995. "How much (a)symmetry in Europe? Evidence from industrial sectors," European Economic Review, Elsevier, vol. 39(5), pages 1017-1041, May.
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Citations

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Cited by:
  1. Chiquiar, Daniel & Ramos-Francia, Manuel, 2005. "Trade and business-cycle synchronization: evidence from Mexican and U.S. manufacturing industries," The North American Journal of Economics and Finance, Elsevier, vol. 16(2), pages 187-216, August.
  2. Michael Graff, 2006. "Internationale Konjunkturverbunde," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), Justus-Liebig University Giessen, Department of Statistics and Economics, vol. 226(4), pages 385-417, July.
  3. Christiane Krieger-Boden, 2000. "Globalization, Integration and Regional Specialization," Kiel Working Papers 1009, Kiel Institute for the World Economy.
  4. Simeon Coleman, 2011. "Investigating Business Cycle Synchronization in West Africa," Working Papers 2011/01, Nottingham Trent University, Nottingham Business School, Economics Division.
  5. Michael Graff, 2012. "Internationale Konjunkturverbunde und die Schweiz," KOF Analysen, KOF Swiss Economic Institute, ETH Zurich, vol. 6(2), pages 57-71, June.

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