Figure 5: Impulse Responses for Sectoral Output and Total Assets
Reaction of M Reaction of IN Reaction of A Reaction of T Reaction of TR Reaction of S
to a shock in TA to a shock in TA to a shock in TA to a shock in TA to a shock in TA to a shock in TA
Note: The solid lines trace the impulse responses of the sectoral output of mining (M), industry (IN), agriculture (A), trade (T), trans-
portation (TR) and services (S) to a shock in total assets (TA) for the years 1870 to 1912.
4 A sectoral analysis
Table 6: Variance Decomposition for Sectoral Output and Total Assets
|
Period |
M due to TA |
IN due to TA |
A due to TA |
T due to TA |
TR due to TA |
S due to TA |
|
^^5 |
15.477 |
16.891 |
29.144 |
10.645 |
23.686 |
39.361 |
|
[13.614] |
[13.154] |
[12.461] |
[8.503] |
[14.269] |
[13.268] | |
|
10 |
20.735 |
23.690 |
47.979 |
14.297 |
17.487 |
48.659 |
|
[18.654] |
[19.408] |
[14.049] |
[11.824] |
[15.230] |
[14.824] |
Note: The variance decomposition (in percent) is shown for the sectoral output of mining (M), industry
(IN), agriculture (A), trade (T), transportation (TR) and services (S). The figures show the share of the
forecast error variance that is due to a shock in total assets.