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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)

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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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Publisher 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
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Handle: RePEc:wpa:wuwpma:0509019

Note: Type of Document - pdf; pages: 32
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Web page: http://129.3.20.41

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Find related papers by JEL classification:
E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
R11 - Urban, Rural, and Regional Economics - - General Regional Economics - - - Analysis of Growth, Development, and Changes

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Arthur Grimes & Andrew Aitken & Suzi Kerr, 2004. "House Price Efficiency: Expectations, Sales, Symmetry," Urban/Regional 0408001, EconWPA. [Downloadable!]
  2. Suzie Ballantyne & Simon Chapple & David C. Maré & Jason Timmins, 2003. "Movements Into and Out of Child Poverty in New Zealand: Results from the Linked Income Supplement," Working Papers 03_13, Motu Economic and Public Policy Research. [Downloadable!]
    Other versions:
  3. Fabling, Richard & Grimes, Arthur, 2005. "Insolvency and economic development: Regional variation and adjustment," Journal of Economics and Business, Elsevier, vol. 57(4), pages 339-359. [Downloadable!] (restricted)
    Other versions:
  4. Suzi Kerr, 2003. "Indigenous Forests and Forest Sink Policy in New Zealand," Working Papers 03_15, Motu Economic and Public Policy Research. [Downloadable!]
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  5. 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. [Downloadable!]
    Other versions:
  6. Suzi Kerr & Catherine Leining, 2003. "Joint Implementation in Climate Change Policy," Working Papers 03_04, Motu Economic and Public Policy Research. [Downloadable!]
  7. John McMillan, 2005. "Quantifying Creative Destruction Entrepreneurship and Productivity in New Zealand," Industrial Organization 0509006, EconWPA. [Downloadable!]
  8. Suzi Kerr, 2003. "Allocating Risks in a Domestic Greenhouse Gas Trading System," Others 0309003, EconWPA. [Downloadable!]
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  9. Suzi Kerr & Richard Newell & Jim Sanchirico, 2003. "Evaluating the New Zealand Individual Transferable Quota Market for Fisheries Management," Others 0309004, EconWPA. [Downloadable!]
    Other versions:
  10. Dave Maré & Jason Timmins, 2003. "Moving to Jobs?," Labor and Demography 0309003, EconWPA. [Downloadable!]
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  11. Dr. Arthur Grimes, 2003. "Economic Growth and the Size and Structure of Government: Implications for New Zealand," Macroeconomics 0310016, EconWPA. [Downloadable!]
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  12. Suzi Kerr, 2003. "Efficient Contracts for Carbon Credits from Reforestation Projects," Working Papers 03_12, Motu Economic and Public Policy Research. [Downloadable!]
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  13. 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. [Downloadable!]
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  14. 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 pr," Working Papers 03_17, Motu Economic and Public Policy Research. [Downloadable!]
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  15. 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. [Downloadable!]
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  16. Suzi Kerr & Shuguang Liu & Alexander S. P. Pfaff & R. Flint Hughes, 2003. "Carbon Dynamics and Land-Use Choices: Building a Regional-Scale Multidisciplinary Model," Working Papers 03_06, Motu Economic and Public Policy Research. [Downloadable!]
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  17. Viv. B Hall & McDermott C. John, 2004. "Regional Business Cycles in New Zealand: Do they exist? What might drive them?," ERSA conference papers ersa04p200, European Regional Science Association. [Downloadable!]
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  18. John Gibson, 2003. "Do Lower Expected Wage Benefits Explain Ethnic Gaps In Job- Related Training? Evidence From New Zealand," Labor and Demography 0310004, EconWPA. [Downloadable!]
  19. Arthur Grimes & Suzi Kerr & Andrew Aitken, 2003. "Housing and Economic Adjustment," Working Papers 03_09, Motu Economic and Public Policy Research. [Downloadable!]
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  20. Arthur Grimes, 2005. "New Zealand: A Typical Australasian Economy?," Economic History 0509004, EconWPA. [Downloadable!]
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  21. 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. [Downloadable!]
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  22. 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. [Downloadable!]
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  23. 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. [Downloadable!]
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Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Michelle Poland & David C Maré, 2005. "Defining Geographic Communities," Urban/Regional 0509016, EconWPA. [Downloadable!]
    Other versions:
  2. Arthur Grimes, 2005. "Regional and Industry Cycles in Australasia: Implications for a Common Currency," Macroeconomics 0509020, EconWPA. [Downloadable!]
    Other versions:
  3. Sebastian Edwards, 2006. "External Imbalances in an Advanced, Commodity-Exporting Country: The Case of New Zealand," NBER Working Papers 12620, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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