The Role of Output Composition in the Stabilization of U.S. Output Growth

Andrew Eggers and Yannis Ioannides

No 422, Discussion Papers Series, Department of Economics, Tufts University from Department of Economics, Tufts University

Abstract: US output growth became much more stable over the past half-century. This paper assesses the role of changes in the composition of output | the increasing importance of stable sectors and diminishing importance of volatile sectors | in this stabilization. Our decomposition of output growth volatility by one-digit industry indicates that a bit less than half of the drop in volatility between the pre- and post-1982 periods is accounted for by compositional shifts, most notably the decline of manufacturing.

Keywords: Economic °uctuations; macroeconomic stabilization; deindustrialization; manufacturing (search for similar items in EconPapers)
JEL-codes: E23 E32 (search for similar items in EconPapers)
Date: 2004
New Economics Papers: this item is included in nep-mac
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http://ase.tufts.edu/econ/papers/200422.pdf (application/pdf)

Related works:
Journal Article: The role of output composition in the stabilization of US output growth (2006)
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Persistent link: https://EconPapers.repec.org/RePEc:tuf:tuftec:0422

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