How much (a)symmetry in Europe? Evidence from industrial sectors
利用11个欧洲国家的工业产出数据，通过协整向量自回归模型分析产出冲击在行业和国家层面的相关性，发现国家层面的冲击解释了更多方差，并识别出一个对称性较高的国家核心群。
To what extent do European countries differ with respect to the sources of cyclical fluctuations of industrial output? We look at output data disaggregated by industry for 11 European countries, and on the basis of a cointegrated vector autoregression model we examine the correlation of output innovations at the industry and country levels. We also discuss to what extent output innovations can be considered ‘symmetric’ or ‘asymmetric’. Our results point to the fact that, on average, more variance of output innovations is explained at the country, rather than the industry level. We also find that the importance of asymmetric disturbances is quite varied among the 11 countries, and we identify a ‘core’ of countries with a higher degree of symmetry.