A new method of identifying key industries: a principal component analysis

Lefteris Tsoulfidis () and Ioannis Athanasiadis ()
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Ioannis Athanasiadis: University of Macedonia

Journal of Economic Structures, 2022, vol. 11, issue 1, 1-23

Abstract: Abstract This article using the principal components analysis identifies key industries and groups them into particular clusters. The data come from the US benchmark input–output tables of the years 2002, 2007, 2012 and the most recently published input–output table of the year 2019. We observe some intertemporal switches of industries both between and within the top clusters. The findings further suggest that structural change is a slow-moving process and it takes time for some industries to move from one cluster to the other. This information may be proved important in the designation of effective economic policies by targeting key industries and also for the stability properties of the economic system.

Keywords: Principal components; Structural change; Dimensionality reduction; Clusters; Networks (search for similar items in EconPapers)
JEL-codes: B24 B51 C67 D46 D57 E11 E32 (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (5)

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DOI: 10.1186/s40008-022-00261-z

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