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Intra & Inter-Regional Industry Shocks: A New Metric with an Application to Australasian Currency Union

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Author Info

  • Arthur Grimes

    (Motu Economic & Public Policy Research)

Abstract

We 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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File URL: http://128.118.178.162/eps/mac/papers/0509/0509019.pdf
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Bibliographic Info

Paper provided by EconWPA in its series Macroeconomics with number 0509019.

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Length: 32 pages
Date of creation: 12 Sep 2005
Date of revision:
Handle: RePEc:wpa:wuwpma:0509019

Note: Type of Document - pdf; pages: 32
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Web page: http://128.118.178.162

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References

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  1. Arthur Grimes & Andrew Aitken & Suzi Kerr, 2004. "House Price Efficiency: Expectations, Sales, Symmetry," Urban/Regional 0408001, EconWPA.
  2. Viv B. Hall & C. John McDermott, 2007. "Regional business cycles in New Zealand: Do they exist? What might drive them?," Papers in Regional Science, Wiley Blackwell, vol. 86(2), pages 167-191, 06.
  3. Suzi Kerr, 2003. "Motu, Excellence in Economic Research and the Challenge of 'Human Dimensions' Research," General Economics and Teaching 0309001, EconWPA.
  4. Arthur Grimes & Andrew Aitken, 2004. "What's the Beef with House Prices? Economic Shocks and Local Housing Markets," Working Papers 04_08, Motu Economic and Public Policy Research.
  5. Suzi Kerr, 2004. "Indigenous Forests and Forest Sink Policy in New Zealand," Others 0401004, EconWPA.
  6. Suzi Kerr, 2004. "Efficient Contracts For Carbon Credits From Reforestation Projects," Others 0401003, EconWPA.
  7. Suzie Ballantyne & Simon Chapple & David C. Maré & Jason Timmins, 2004. "Movements Into and Out of Child Poverty in New Zealand: Results from the Linked Income Supplement," HEW 0402001, EconWPA.
  8. Suzi Kerr & Emma Brunton & Ralph Chapman, 2004. "Policy to Encourage Carbon Sequestration in Plantation Forests," Working Papers 04_05, Motu Economic and Public Policy Research.
  9. Arthur Grimes & Robert Sourell & Andrew Aitken, 2005. "Regional Variation in Rental Costs for Larger Households," Working Papers 05_02, Motu Economic and Public Policy Research.
  10. Viv Hall & Angela Huang, 2004. "WOULD ADOPTING THE US DOLLAR HAVE LED TO IMPROVED INFLATION, OUTPUT AND TRADE BALANCES FOR NEW ZEALAND IN THE 1990s?," Macroeconomics 0401001, EconWPA.
  11. Richard Fabling & Arthur Grimes, 2004. "Insolvency and Economic Development: Regional Variation and Adjustment," Working Papers 03_18, Motu Economic and Public Policy Research.
  12. Suzi Kerr & Catherine Leining, 2003. "Joint Implementation in Climate Change Policy," Working Papers 03_04, Motu Economic and Public Policy Research.
  13. John McMillan, 2004. "Quantifying Creative Destruction Entrepreneurship and Productivity in New Zealand," Working Papers 04_07, Motu Economic and Public Policy Research.
  14. Suzi Kerr & Shuguang Liu & Alexander Pfaff & Flint Hughes, 2003. "Carbon Dynamics and Land-use Choices: Building a Regional-scale Multidisciplinary Model," Others 0309005, EconWPA.
  15. Arthur Grimes, 2003. "Economic Growth and the Size and Structure of Government: Implications for New Zealand," Working Papers 03_10, Motu Economic and Public Policy Research.
  16. Suzi Kerr & Richard G. Newell & James N. Sanchirico, 2003. "Evaluating the New Zealand Individual Transferable Quota Market for Fisheries Management," Working Papers 03_02, Motu Economic and Public Policy Research.
  17. Suzi Kerr, 2003. "Allocating Risks in a Domestic Greenhouse Gas Trading System," Others 0309003, EconWPA.
  18. Dean R. Hyslop & David C. Maré, 2003. "Understanding New Zealand's Changing Income Distribution 1983-98: A Semiparametric Analysis," Working Papers 03_16, Motu Economic and Public Policy Research.
  19. Arthur Grimes & Suzi Kerr & Andrew Aitken, 2005. "Bi-Directional Impacts of Economic, Social and Environmental Changes and the New Zealand Housing Market," Urban/Regional 0509012, EconWPA.
  20. Suzi Kerr & Susana Cardenas & Joanna Hendy, 2004. "Migration and the Environment in the Galapagos:An analysis of economic and policy incentives driving migration, potential impacts from migration control, and potential policies to reduce migration pre," Others 0403001, EconWPA.
  21. Arthur Grimes & Suzi Kerr & Andrew Aitken, 2003. "Housing and Economic Adjustment," Urban/Regional 0310006, EconWPA.
  22. Arthur Grimes, 2004. "New Zealand: A Typical Australasian Ecomony?," Working Papers 04_11, Motu Economic and Public Policy Research.
  23. Dave Maré & Jason Timmins, 2003. "Moving to Jobs?," Labor and Demography 0309003, EconWPA.
  24. Suzi Kerr & Andrew Aitken & Arthur Grimes, 2004. "Land Taxes and Revenue Needs as Communities Grow and Decline: Evidence from New Zealand," Working Papers 04_01, Motu Economic and Public Policy Research.
  25. John Gibson, 2003. "Do Lower Expected Wage Benefits Explain Ethnic Gaps In Job- Related Training? Evidence From New Zealand," Labor and Demography 0310004, EconWPA.
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Cited by:
  1. David C. Maré & Michelle Poland, 2005. "Defining Geographic Communities," Working Papers 05_09, Motu Economic and Public Policy Research.
  2. Arthur Grimes, 2005. "Regional and Industry Cycles in Australasia: Implications for a Common Currency," Working Papers 05_04, Motu Economic and Public Policy Research.

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