Guisinger, Amy; Owyang, Michael; Soques, Daniel - 2021
decline in an industry. Second, we incorporate a national-level business cycle that industries may or may not attach to. Third …The effect of economic shocks on business cycles fluctuations may vary across industries. For example, shocks that …, we model comovement off of the national-level cycle as factors that affect clusters of industries. We find that there are …