Application of multivariate analysis as complementary instrument in studies about structural changes: An example of the multipliers in the US economy

Lucas Milanez de Lima Almeida and Paulo Antonio de Freitas Balanco

Structural Change and Economic Dynamics, 2020, vol. 53, issue C, 189-207

Abstract: This paper aims to show that the use of multivariate analysis facilitates comparative static studies on the economy from a sectorial approach. An algorithm of cluster analysis, called affinity propagation, was used to find some temporal patterns in the multipliers in the US economy between 1997 and 2017. The study enabled us to reach three main conclusions. First, to confirm that the established concept that structural changes in the US economy did not occur suddenly. Second, the five-year interval time (as upper limit) may be inappropriate for studies based on input-output analysis for the US economy in the period. Third, the formation of the clusters (periods with structural similarities) of both backward and forward multipliers was sensitive to the 2007 Financial Crisis.

Keywords: Cluster analysis; Input-Output analysis; Structural change (search for similar items in EconPapers)
JEL-codes: C38 C67 L16 N12 (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:eee:streco:v:53:y:2020:i:c:p:189-207

DOI: 10.1016/j.strueco.2020.02.006

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