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

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  • 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. Viv B Hall & C. John McDermott, 2005. "Regional business cycles in New Zealand:Do they exist? What might drive them?," Urban/Regional 0509013, EconWPA.
  2. Viv Hall & Angela Huang, 2003. "Would Adopting the US Dollar Have Led to Improved Inflation, Output and Trade Balances for New Zealand in the 1990s?," Working Papers 03_14, Motu Economic and Public Policy Research.
  3. 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.
  4. Arthur Grimes & Suzi Kerr & Andrew Aitken, 2004. "Bi-Directions Impacts of Economic, Social and Environmental Changes and the New Zealand Housing Market," Working Papers 04_09, Motu Economic and Public Policy Research.
  5. John Gibson, 2003. "Do Lower Expected Wage Benefits Explain Ethnic Gaps In Job- Related Training? Evidence From New Zealand," Labor and Demography 0310004, EconWPA.
  6. Suzi Kerr & Catherine Leining, 2003. "Joint Implementation in Climate Change Policy," Working Papers 03_04, Motu Economic and Public Policy Research.
  7. 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.
  8. Arthur Grimes & Robert Sourell & Andrew Aitken, 2005. "Regional Variation in Rental Costsfor Larger Households," Urban/Regional 0509014, EconWPA.
  9. 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.
  10. David C. Maré & Jason Timmins, 2003. "Moving to Jobs?," Working Papers 03_07, Motu Economic and Public Policy Research.
  11. Suzi Kerr, 2003. "Indigenous Forests and Forest Sink Policy in New Zealand," Working Papers 03_15, Motu Economic and Public Policy Research.
  12. Suzi Kerr & Emma Brunton & Ralph Chapman, 2005. "Policy to Encourage Carbon Sequestration in Plantation Forests," Others 0509009, EconWPA.
  13. Suzi Kerr & Shuguang Liu & Alexander Pfaff & Flint Hughes, 2003. "Carbon Dynamics and Land-use Choices: Building a Regional-scale Multidisciplinary Model," Others 0309005, EconWPA.
  14. Suzi Kerr & Richard Newell & Jim Sanchirico, 2003. "Evaluating the New Zealand Individual Transferable Quota Market for Fisheries Management," Others 0309004, EconWPA.
  15. Suzi Kerr, 2003. "Motu, Excellence in Economic Research and the Challenges of 'Human Dimensions' Research," Working Papers 03_05, Motu Economic and Public Policy Research.
  16. Suzi Kerr, 2004. "Efficient Contracts For Carbon Credits From Reforestation Projects," Others 0401003, EconWPA.
  17. John McMillan, 2004. "Quantifying Creative Destruction Entrepreneurship and Productivity in New Zealand," Working Papers 04_07, Motu Economic and Public Policy Research.
  18. Arthur Grimes & Andrew Aitken, 2005. "What’s the Beef with House Prices? Economic Shocks and Local Housing Markets," Urban/Regional 0509011, EconWPA.
  19. Suzi Kerr, 2003. "Allocating Risks in a Domestic Greenhouse Gas Trading System," Working Papers 03_01, Motu Economic and Public Policy Research.
  20. Suzi Kerr & Andrew Aitken & Arthur Grimes, 2004. "Land Taxes and Revenue Needs as Communities Grow and Decline: Evidence from New Zealand," Working Papers 04_02, Motu Economic and Public Policy Research.
  21. Arthur Grimes & Suzi Kerr & Andrew Aitken, 2003. "Housing and Economic Adjustment," Working Papers 03_09, Motu Economic and Public Policy Research.
  22. Richard Fabling & Arthur Grimes, 2004. "Insolvency and Economic Development: Regional Variation and Adjustment," Working Papers 03_18, Motu Economic and Public Policy Research.
  23. 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.
  24. Arthur Grimes, 2005. "New Zealand: A Typical Australasian Economy?," Economic History 0509004, EconWPA.
  25. Arthur Grimes & Andrew Aitken & Suzi Kerr, 2004. "House Price Efficiency: Expectations, Sales, Symmetry," Urban/Regional 0408001, 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. Grimes, Arthur, 2005. "Regional and industry cycles in Australasia: Implications for a common currency," Journal of Asian Economics, Elsevier, vol. 16(3), pages 380-397, June.

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