search query: @indexterm economic dynamics / total: 36
reference: 8 / 36
| Author: | Horvath, M. |
| Title: | Cyclicality and sectoral linkages: aggregate fluctuations from independent sectoral shocks |
| Journal: | Review of Economic Dynamics
1998 : OCT, VOL. 1:4, p. 781-808 |
| Index terms: | ECONOMIC DYNAMICS SECTORAL MODELS BUSINESS CYCLES |
| Language: | eng |
| Abstract: | The traditional argument against the relevance of sector- specific shocks for the aggregate phenomenon of business cycles invokes the law of large numbers: positive shocks in some sectors are offset by negative shocks in other sectors. This paper hypothesizes that cancellation of sector-specific shocks via the law of large numbers is affected by interactions among producing sectors. The analysis is performed within the context of a multisector model similar in spirit to that of Long and Plosser. |
SCIMA