Sectoral specialisation in the EU a macroeconomic perspective



CONTENTS

SECTORAL SPECIALISATION IN THE EU: A
MACROECONOMIC PERSPECTIVE

EXECUTIVE SUMMARY

1

5

3.3.2 Business cycle synchronisation:

sectoral origins

45

46

47

3.4

3.5

Sectoral co-movements

Conclusion

1 THE RELEVANCE OF SECTORAL SPECIALISATION
FOR MONETARY POLICY

1.1 Introduction and motivation

1.2 The relevance of sectoral
specialisation for monetary policy

1.3 Economic integration and
sectoral specialisation

1.4 Sectoral determinants of
business cycle fluctuations

2 SECTORAL SPECIALISATION: CURRENT
SITUATION AND EVOLUTION

2.1 Sectoral specialisation in the euro
area and the EU

2.2 Sectoral re-allocation

2.3 Sectoral composition and
productivity

2.3.1 Sectoral labour productivity
developments

2.3.2 A shift-share analysis of
productivity

2.4 Europe in comparison with
the United States

2.5 Conclusion

3 SECTORAL COMPOSITION AND BUSINESS CYCLES

3.1 Sectoral determinants of the euro
area cycle

3.2 Sectoral volatility

3.2.1 Relative volatility and its
evolution over time

3.2.2 Relative volatility in
manufacturing

3.2.3 Sectoral composition and
aggregate volatility

3.3 Business cycle synchronisation
across EU countries: sectoral origins
3.3.1 Aggregate vs. sectoral business
cycle synchronisation

7

7

7

8

10

13

13

22

24

24

30

31

33

35

35

37

37

38

40

42

44

4 ANNEXES

4.1 Annex 1: Data issues

4.1.1 Annual data

4.1.2 Short-term indicators

4.1.3 The computation of real value
indices

4.2 Annex 2: Methodology

4.2.1 Indicators for sectoral
specialisation and re-allocation
4.2.1.1 Sectoral specialisation
and concentration

4.2.1.2 Sectoral re-allocation
and the Lilien
indicator

4.2.1.3 The shift-share
analysis

4.2.2 Indicators for business cycle
analysis

4.2.2.1 Extracting business
cycle components

4.2.2.2 Sectoral decomposition
of aggregate volatility

4.2.2.3 Sectoral determinants
of business cycle
synchronisation

49

49

49

51

51

52

52

52

52

52

55

55

57

57

ECB

Occasional Paper No. 19
July 2004

H



More intriguing information

1. A novel selective 11b-hydroxysteroid dehydrogenase type 1 inhibitor prevents human adipogenesis
2. IMPROVING THE UNIVERSITY'S PERFORMANCE IN PUBLIC POLICY EDUCATION
3. The name is absent
4. Pass-through of external shocks along the pricing chain: A panel estimation approach for the euro area
5. A Computational Model of Children's Semantic Memory
6. The value-added of primary schools: what is it really measuring?
7. Labour Market Flexibility and Regional Unemployment Rate Dynamics: Spain (1980-1995)
8. Les freins culturels à l'adoption des IFRS en Europe : une analyse du cas français
9. Correlates of Alcoholic Blackout Experience
10. Word searches: on the use of verbal and non-verbal resources during classroom talk