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Synchronized expansions and contractions across sectors define business cycles. Yet synchronization is puzzling because productivity across sectors exhibits weak correlation. While previous work examined production complementarity, our analysis explores complementarity in information...
Persistent link: https://www.econbiz.de/10012466105
trend level of output. Contrary to the result for cyclical fluctuations, we find that comovement of shocks to trend levels …
Persistent link: https://www.econbiz.de/10012460627