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A NOTE ON DEMAND AND SUPPLY FACTORS IN MANUFACTURING OUTPUT ASYMMETRIES
Published online by Cambridge University Press: 01 April 2009
Abstract
In a Markov switching framework, we show that the duration of recessions is significantly shorter than the duration of expansions in 11 manufacturing sectors, and in aggregate durables and manufacturing output. We find two leading indicators, consumer expectations and the term spread, act as important demand-driven forces behind asymmetry.
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- Copyright © Cambridge University Press 2009
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