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Sectoral Specialization in Austria and in the EU-15

  • Jürgen Janger

    ()

    (Oesterreichische Nationalbank)

  • Karin Wagner

    ()

    (Oesterreichische Nationalbank, Economic Analysis Division)

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.

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File URL: https://www.oenb.at/dms/oenb/Publikationen/Volkswirtschaft/Monetary-Policy-and-the-Economy/2004/Monetary-Policy-and-the-Economy-Q2-04/chapters/mop_20042_sectoral_specialization_tcm16-19679.pdf
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Article provided by Oesterreichische Nationalbank (Austrian Central Bank) in its journal Monetary Policy & the Economy.

Volume (Year): (2004)
Issue (Month): 2 ()
Pages: 37–54

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Handle: RePEc:onb:oenbmp:y:2004:i:2:b:2
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  1. Hamilton, James D., 2003. "What is an oil shock?," Journal of Econometrics, Elsevier, vol. 113(2), pages 363-398, April.
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  7. Hamilton, James D & Herrera, Ana Maria, 2004. "Oil Shocks and Aggregate Macroeconomic Behavior: The Role of Monetary Policy: Comment," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 36(2), pages 265-86, April.
  8. Thomas Dalsgaard & Christophe André & Pete Richardson, 2001. "Standard Shocks in the OECD Interlink Model," OECD Economics Department Working Papers 306, OECD Publishing.
  9. Stephen P.A. Brown & Mine K. Yücel, 1999. "Oil prices and U.S. aggregate economic activity: a question of neutrality," Economic and Financial Policy Review, Federal Reserve Bank of Dallas, issue Q II, pages 16-23.
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