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Replication data for: The Relative Importance of Aggregate and Sectoral Shocks and the Changing Nature of Economic Fluctuations

Version
V0
Resource Type
Dataset
Creator
  • Garin, Julio
  • Pries, Michael J.
  • Sims, Eric R.
Publication Date
2018-01-01
Description
  • Abstract

    A principal components decomposition of sectoral IP data reveals that the contribution of aggregate shocks to the variance of aggregate output declined from about 70 percent in the period 1967–1983 to about 30 percent after 1983. We develop an "islands" model with two sectors and costly labor reallocation to investigate how this change in the relative importance of shocks alters business cycle moments. A version of the model with relatively more important sectoral shocks results in a sizeable decline in the cyclicality of labor productivity and is consistent with changes in several other business cycle moments observed in the data.
Availability
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Relations
  • Is supplement to
    DOI: 10.1257/mac.20140089 (Text)
Publications
  • Garin, Julio, Michael J. Pries, and Eric R. Sims. “The Relative Importance of Aggregate and Sectoral Shocks and the Changing Nature of Economic Fluctuations.” American Economic Journal: Macroeconomics 10, no. 1 (January 2018): 119–48. https://doi.org/10.1257/mac.20140089.
    • ID: 10.1257/mac.20140089 (DOI)

Update Metadata: 2020-05-18 | Issue Number: 2 | Registration Date: 2019-12-07

Garin, Julio; Pries, Michael J.; Sims, Eric R. (2018): Replication data for: The Relative Importance of Aggregate and Sectoral Shocks and the Changing Nature of Economic Fluctuations. Version: V0. ICPSR - Interuniversity Consortium for Political and Social Research. Dataset. https://doi.org/10.3886/E116397