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Tatiana Cesaroni
''Economic integration and industrial sector fluctuations: evidence from Italy''
( 2013, Vol. 33 No.2 )
This paper investigates the underlying sources of the Italian industrial sector fluctuations. It concentrates in particular on the role of different shocks on the manufacturing business cycle. To this end, it considers both domestic shocks (to hours worked and to technology) and external shocks (i.e. real exchange rate and world trade shocks). The former concern internal conditions such as labour market and productivity dynamics; the latter relate to the effects of economic integration, globalization and the world economy scenario on the manufacturing sector performance. The findings show evidence that the cyclical fluctuations are mainly determined by technology shocks,however,the hours worked and world trade shocks also contribute significantly to explaining the manufacturing business cycle.
Keywords: Business cycle, Italian Industry performance, SVAR model, Economic integration, World trade
E3 - Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data)
Manuscript Received : Aug 21 2012 Manuscript Accepted : Apr 05 2013

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