Shock Hunting: The Relative Importance of Industry‐Specific, Region‐specific and Aggregate shocks in the OECD Countries

Abstract

A common argument against monetary union is that it precludes stabilization of economies through monetary and exchange rate policy. We address this point by calculating the relative empirical importance of industry‐specific, country‐specific and aggregate disturbances using a comparable international data set comprising annual data from 1971 to 1993 for 19 OECD countries and 25 two‐digit industries. The evidence seems to suggest that the country‐specific shocks have declined over the last 20 years.

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