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Business Cycle at a Sectoral Level: the Portuguese Case

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  • Hugo Reis

Abstract

The existence of comovement across different sectors is an important feature of the business cycle definition. The purpose of this work is to characterise the Portuguese sectoral business cycle, with particular emphasis on the comovement phenomenon, for the years 1953-2003 in terms of both GVA and employment. Inthe last fifty years substantial structural changes were observed in the Portuguese economy. These changes mean that some sectors, notably the service sectors, are growing in relative terms. Despite the existing differences in characteristics, such as trend and volatility, there is evidence for the presence of comovement among Portuguese activity sectors. A discussion on the causes of such phenomenon, such as the input-output linkages, in light of the Portuguese economy is done.

Suggested Citation

  • Hugo Reis, 2005. "Business Cycle at a Sectoral Level: the Portuguese Case," Working Papers w200509, Banco de Portugal, Economics and Research Department.
    • Handle: RePEc:ptu:wpaper:w200509
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    File URL: https://www.bportugal.pt/sites/default/files/anexos/papers/wp200509.pdf
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    References listed on IDEAS

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    1. Burnside, A. Craig & Eichenbaum, Martin S. & Rebelo, Sergio T., 1996. "Sectoral Solow residuals," European Economic Review, Elsevier, vol. 40(3-5), pages 861-869, April.
    2. Mojon, Benoît & Agresti, Anna Maria, 2001. "Some stylised facts on the euro area business cycle," Working Paper Series 95, European Central Bank.
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    Cited by:

    1. Jürgen Bierbaumer-Polly & Werner Hölzl, 2016. "Business Cycle Dynamics and Firm Heterogeneity. Evidence for Austria Using Survey Data," WIFO Working Papers 504, WIFO.

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