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Aggregate versus industry-specific sources of economic growth and business cycle fluctuations

Paavo Peisa

No 16/1989, Bank of Finland Research Discussion Papers from Bank of Finland

Abstract: This paper evaluates the power of aggregate and sector-specific disturbances ta output growth in the Finnish econc:Jrqy using armual data on the growth of value added in 31 industries over the period 1961-87. The unifonn power distribution assumptions implicit in the standa.J:d randam and fixed effects m:rlels are considered and tested by analyzing the power of disturbances by frequency band.

Date: 1989
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