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DO trade and technology reduce asymmetries? Evidence from manufacturing industries in the EU

Are asymmetric shocks to output less important for industries which are more open to trade and more technology-intensive? Our results, obtained from a correlation analysis between growth rates of value added in thirteen manufacturing industries in eleven European countries between 1979 and 1990, clearly support the hypothesis. This finding suggests that policies which promote trade and technological innovation may help to decrease the importance of the asymmetric components of the business cycle within European countries.

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Paper provided by Dipartimento Scienze Economiche, Universita' di Bologna in its series Working Papers with number 301.

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Date of creation: Nov 1997
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Handle: RePEc:bol:bodewp:301
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  1. Helg, Rodolfo & Manasse, Paolo & Monacelli, Tommaso & Rovelli, Riccardo, 1995. "How much (a)symmetry in Europe? Evidence from industrial sectors," European Economic Review, Elsevier, vol. 39(5), pages 1017-1041, May.
  2. Costello, Donna M, 1993. "A Cross-Country, Cross-Industry Comparison of Productivity Growth," Journal of Political Economy, University of Chicago Press, vol. 101(2), pages 207-22, April.
  3. Frankel, Jeffrey A & Rose, Andrew K, 1996. "The Endogeneity of the Optimum Currency Area Criteria," CEPR Discussion Papers 1473, C.E.P.R. Discussion Papers.
  4. Bayoumi, Tamim & Prasad, Eswar, 1995. "Currency Unions, Economic Fluctuations and Adjustment: Some Empirical Evidence," CEPR Discussion Papers 1172, C.E.P.R. Discussion Papers.
  5. David K. Backus & Patrick J. Kehoe & Finn E. Kydland, 1991. "International real business cycles," Staff Report 146, Federal Reserve Bank of Minneapolis.
  6. Heston, Steven L. & Rouwenhorst, K. Geert, 1994. "Does industrial structure explain the benefits of international diversification?," Journal of Financial Economics, Elsevier, vol. 36(1), pages 3-27, August.
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