The Relative Importance of Aggregate and Disaggregate Shocks in Korean Business Cycles
AbstractThis study examines the role of aggregate and disaggregate shocks in a small open economy, Korea. Variation in the growth rates of industrial output is decomposed into portions attributable to aggregate, industry group, and sector-specific shocks. Although all types of shocks play a role, sectoral shocks are the dominant source of sectoral output fluctuations. While aggregate shocks are a significant source of sectoral and aggregate output fluctuations, they are no more important than in large industrialized economies that have been studied previously. Consequently, small open economies may not be any more susceptible to aggregate disturbances than are the G-7 countries.
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Bibliographic InfoPaper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 10351.
Date of creation: 01 Jun 2003
Date of revision:
Publication status: Published in Journal of Asian Economics, June 2003, vol. 14 no. 3, pp. 419-434
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Postal: Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070
Phone: +1 515.294.6741
Fax: +1 515.294.0221
Web page: http://www.econ.iastate.edu
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Disaggregate analysis; shocks; variance decomposition;
Other versions of this item:
- Kang, Gi Choon & Orazem, Peter F., 2003. "The relative importance of aggregate and disaggregate shocks in Korean business cycles," Journal of Asian Economics, Elsevier, vol. 14(3), pages 419-434, June.
- NEP-MAC-2003-07-21 (Macroeconomics)
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