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Economic integration and industrial sector fluctuations: evidence from Italy

Listed author(s):
  • Tatiana Cesaroni

    ()

    (Italian Ministry of Economy and Finance)

This paper investigates the underlying sources of the Italian industrial sector fluctuations. It concentrates in particular on the role of different shocks on the manufacturing business cycle. To this end, it considers both domestic shocks (to hours worked and to technology) and external shocks (i.e. real exchange rate and world trade shocks). The former concern internal conditions such as labour market and productivity dynamics; the latter relate to the effects of economic integration, globalization and the world economy scenario on the manufacturing sector performance. The findings show evidence that the cyclical fluctuations are mainly determined by technology shocks,however,the hours worked and world trade shocks also contribute significantly to explaining the manufacturing business cycle.

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File URL: http://www.accessecon.com/Pubs/EB/2013/Volume33/EB-13-V33-I2-P90.pdf
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Article provided by AccessEcon in its journal Economics Bulletin.

Volume (Year): 33 (2013)
Issue (Month): 2 ()
Pages: 944-958

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Handle: RePEc:ebl:ecbull:eb-12-00612
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  1. Bayoumi, Tamim & Eichengreen, Barry, 1992. "Shocking Aspects of Monetary Unification," Department of Economics, Working Paper Series qt791143kp, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
  2. Funke, Michael, 1997. "The Nature of Shocks in Europe and in Germany," Economica, London School of Economics and Political Science, vol. 64(255), pages 461-469, August.
  3. Jordi Galí, 1992. "How Well Does The IS-LM Model Fit Postwar U. S. Data?," The Quarterly Journal of Economics, Oxford University Press, vol. 107(2), pages 709-738.
  4. Morten O. Ravn & Saverio Simonelli, 2008. "Labor Market Dynamics and the Business Cycle: Structural Evidence for the United States," Scandinavian Journal of Economics, Wiley Blackwell, vol. 109(4), pages 743-777, March.
  5. Gert Peersman, 2005. "What caused the early millennium slowdown? Evidence based on vector autoregressions," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 20(2), pages 185-207.
  6. Tamim Bayoumi & Barry Eichengreen, 1992. "Shocking Aspects of European Monetary Unification," NBER Working Papers 3949, National Bureau of Economic Research, Inc.
  7. Funke, Michael, 1997. "How important are demand and supply shocks in explaining German business cycles?: New evidence on an old debate," Economic Modelling, Elsevier, vol. 14(1), pages 11-37, January.
  8. Bela Balassa, 1964. "The Purchasing-Power Parity Doctrine: A Reappraisal," Journal of Political Economy, University of Chicago Press, vol. 72, pages 584-584.
  9. Gavosto, Andrea & Pellegrini, Guido, 1999. "Demand and supply shocks in Italy:: An application to industrial output," European Economic Review, Elsevier, vol. 43(9), pages 1679-1703, October.
  10. Neville Francis & Valerie A. Ramey, 2009. "Measures of per Capita Hours and Their Implications for the Technology-Hours Debate," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 41(6), pages 1071-1097, 09.
  11. Dufourt, Frederic, 2005. "Demand and productivity components of business cycles: Estimates and implications," Journal of Monetary Economics, Elsevier, vol. 52(6), pages 1089-1105, September.
  12. Hilde C. Bjørnland, 1998. "Economic Fluctuations in a Small Open Economy - Real versus Nominal Shocks," Discussion Papers 215, Statistics Norway, Research Department.
  13. Karras, Georgios, 1994. "Sources of business cycles in Europe: 1960-1988. Evidence from France, Germany, and the United Kingdom," European Economic Review, Elsevier, vol. 38(9), pages 1763-1778, December.
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