Why Are Some Industries More Cyclical Than Others?
为什么有些行业的周期性更强?AI 解读 ↓
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AI 根据所提供的论文材料归类:摘要明确利用行业面板解释经济周期敏感性的差异,直接对应宏观面板分析。
为什么有些行业的周期性更强?AI 解读 ↓
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This paper is an empirical examination of why some industries are far more cyclical than others. Using highly disaggregate panel data, the authors examine which elements of technology and market structure appear to be most closely associated with differences in cyclicality across industries. They find that durable goods industries are approximately three times more cyclical than nondurable goods industries. Within durable goods industries, the proportion of variable and quasifixed factor inputs, market concentration, and labor hoarding appear to be important determinants of cyclical behavior. In contrast, for nondurable goods industries, the authors find little systematic relationship between cyclicality and market characteristics.