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Sectoral Specialization in Austria and in the EU-15

Author

Listed:
  • Jürgen Janger

    (Oesterreichische Nationalbank)

  • Karin Wagner

    (Oesterreichische Nationalbank, Economic Analysis Division)

Abstract

This study examines sectoral specialization patterns in the EU-15 and in the euro area as well as in Austria. These patterns have policy relevance in so far as a high degree of sectoral specialization may trigger asymmetric shocks, foster the emergence of inflation differentials and impact on long-term growth. The developments seen since 1980 have created a favorable climate for conducting the single monetary policy; the degree of sectoral specialization is low in Austria and the EU, it has changed only moderately and has caused neither cyclical nor inflation differentials. At the same time, the individual sectors shares in value added have changed, in some cases even dramatically. However, there are signs both in the euro area and in Austria that the current sectoral specialization patterns provide suboptimal conditions for long-term growth.

Suggested Citation

  • Jürgen Janger & Karin Wagner, 2004. "Sectoral Specialization in Austria and in the EU-15," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 2, pages 37-54.
    • Handle: RePEc:onb:oenbmp:y:2004:i:2:b:2
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    References listed on IDEAS

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    Cited by:

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    2. Ernest Gnan & Claudia Kwapil & Maria Teresa Valderrama, 2005. "EU and EMU Entry: A Monetary Policy Regime Change for Austria?," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 2, pages 53-68.
    3. Iwayemi, Akin & Fowowe, Babajide, 2011. "Impact of oil price shocks on selected macroeconomic variables in Nigeria," Energy Policy, Elsevier, vol. 39(2), pages 603-612, February.

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