The Heterogeneous Business-Cycle Behavior of Industrial Production

34 Pages Posted: 3 Aug 2017 Last revised: 30 Aug 2017

See all articles by Jackson Evert

Jackson Evert

Federal Reserve Banks - Federal Reserve Bank of Richmond

Felipe F. Schwartzman

Federal Reserve Banks - Federal Reserve Bank of Richmond

Date Written: 2016

Abstract

This paper collects stylized facts about the cyclical properties of industry-level data. Those can provide a window into the sources of business cycles as well as propagation mechanisms. We find (i) goods that are more durable or that have higher wealth elasticity are more cyclical, (ii) sectors tied to the government tend to lag business cycles, (iii) sectors with nominal frictions tend to lag business cycles, (iv) sectors in which financial frictions are likely to be important tend to lag business cycles, and (v) industries that are highly integrated tend to lead business cycles.

Keywords: industry-level data, business cycles

Suggested Citation

Evert, Jackson and Schwartzman, Felipe F., The Heterogeneous Business-Cycle Behavior of Industrial Production (2016). Economic Quarterly, Issue 3Q, pp. 227-260, 2016, Available at SSRN: https://ssrn.com/abstract=3013020

Jackson Evert (Contact Author)

Federal Reserve Banks - Federal Reserve Bank of Richmond

P.O. Box 27622
Richmond, VA 23261
United States

Felipe F. Schwartzman

Federal Reserve Banks - Federal Reserve Bank of Richmond ( email )

P.O. Box 27622
Richmond, VA 23261
United States

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