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HOW IMPORTANT ARE SECTORAL SHOCKS

Enghin Atalay ()

Working Papers from U.S. Census Bureau, Center for Economic Studies

Abstract: I quantify the contribution of sectoral shocks to business cycle fluctuations in aggregate output. I develop a multi-industry general equilibrium model in which each industry employs the material and capital goods produced by other sectors, and then estimate this model using data on U.S. industries sales, output prices, and input choices. Maximum likelihood estimates indicate that industry-specific shocks account for nearly two-thirds of the volatility of aggregate output, substantially larger than previously assessed. Identification of the relative importance of industry-specific shocks comes primarily from data on industries intermediate input purchases, data that earlier estimations of multi-industry models have ignored.

New Economics Papers: this item is included in nep-dge and nep-mac
Date: 2014-09
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https://www2.census.gov/ces/wp/2014/CES-WP-14-31.pdf First version, 2014 (application/pdf)

Related works:
Journal Article: How Important Are Sectoral Shocks? (2017) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:cen:wpaper:14-31

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