Declining output growth volatility: A sectoral decomposition |
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| Authors: | Hyunbae Chun Jung-Wook Kim |
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| Affiliation: | 1. Department of Economics, Sogang University, Seoul 121-742, Republic of Korea;2. College of Business Administration, Seoul National University, Seoul 151-916, Republic of Korea;1. Gazi University and Rensselaer Polytechnic Institute;2. Gazi University;1. School of Physics, University of Chinese Academy of Science, Yuquan Road 19A, Beijing 10049, China;2. CAS Center for Excellence in Particle Physics, Beijing 10049, China;1. Department of Economics, University of Brasilia, Brazil;2. Faculty of Social Sciences, The Open University, UK |
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| Abstract: | A decomposition of the U.S. aggregate output growth volatility using two-digit industry-level data shows that more than 60% of the post-1983 reduction in aggregate output growth volatility is attributed to the lowered comovement in total factor productivity (TFP) growth between industries. In contrast, stabilized input and TFP growths within an industry contribute little. |
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