search query: @indexterm diversification / total: 686
reference: 190 / 686
| Author: | Bayoumi, T. Prasad, E. |
| Title: | Currency unions, economic fluctuations, and adjustment: some new empirical evidence |
| Journal: | Staff Papers
1997 : MAR, VOL. 44:1, p. 36-58 |
| Index terms: | CURRENCY BUSINESS CYCLES LABOUR MARKETS OUTPUT DIVERSIFICATION INDUSTRIES |
| Language: | eng |
| Abstract: | This study analyses the effects of currency union on the relative importance of different types of shocks to output growth and also the labor market mechanisms by which economies adjust to these shocks. Two comparable data sets were constructed with data on output, employment, and productivity at the one-digit sectoral level. The relative importance of aggregate, industry-specific, and country- or region-specific shocks in explaining output growth fluctuations is roughly similar in Europe and the United states, as each of these types of shocks plays an important role. A more disaggregated analysis of the sources of disturbances in the U.S. are more important in non-traded goods sectors, while country-specific disturbances in the EU are more prevalent in traded goods sectors. |
SCIMA