{"id":"https://openalex.org/W2118948993","doi":"https://doi.org/10.1086/659311","title":"Sectoral versus Aggregate Shocks: A Structural Factor Analysis of Industrial Production","display_name":"Sectoral versus Aggregate Shocks: A Structural Factor Analysis of Industrial Production","publication_year":2011,"publication_date":"2011-02-01","ids":{"openalex":"https://openalex.org/W2118948993","doi":"https://doi.org/10.1086/659311","mag":"2118948993"},"language":"en","primary_location":{"id":"doi:10.1086/659311","doi":"https://doi.org/10.1086/659311","is_oa":false,"landing_page_url":"https://doi.org/10.1086/659311","pdf_url":null,"source":{"id":"https://openalex.org/S95323914","display_name":"Journal of Political Economy","issn_l":"0022-3808","issn":["0022-3808","1537-534X"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","fnege-1-star","ft50","jufo-3","ki-jl-2","norway-2","poland-200","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310315672","host_organization_name":"University of Chicago Press","host_organization_lineage":["https://openalex.org/P4310315672","https://openalex.org/P4310315690"],"host_organization_lineage_names":["University of Chicago Press","University of Chicago"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Political Economy","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5082092819","display_name":"Andrew T. Foerster","orcid":"https://orcid.org/0000-0001-7831-7276","observed_orcids":["https://orcid.org/0000-0001-7831-7276"]},"institutions":[{"id":"https://openalex.org/I170897317","display_name":"Duke University","ror":"https://ror.org/00py81415","country_code":"US","type":"education","lineage":["https://openalex.org/I170897317"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Andrew T. Foerster","raw_affiliation_strings":["Duke University"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Duke University","institution_ids":["https://openalex.org/I170897317"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5019539060","display_name":"Pierre-Daniel G. Sarte","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I1317239608","display_name":"Federal Reserve","ror":"https://ror.org/05fk5tr28","country_code":"US","type":"other","lineage":["https://openalex.org/I1317239608"]},{"id":"https://openalex.org/I4210158875","display_name":"Federal Reserve Bank of Richmond","ror":"https://ror.org/058pmah25","country_code":"US","type":"other","lineage":["https://openalex.org/I1317239608","https://openalex.org/I4210158875"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Pierre-Daniel G. Sarte","raw_affiliation_strings":["Federal Reserve Bank of Richmond","Federal Reserve Bank"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Federal Reserve Bank of Richmond","institution_ids":["https://openalex.org/I4210158875"]},{"raw_affiliation_string":"Federal Reserve Bank","institution_ids":["https://openalex.org/I1317239608"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5103128342","display_name":"Mark W. Watson","orcid":"https://orcid.org/0009-0009-9986-3466","observed_orcids":["https://orcid.org/0009-0009-9986-3466"]},"institutions":[{"id":"https://openalex.org/I1321305853","display_name":"National Bureau of Economic Research","ror":"https://ror.org/04grmx538","country_code":"US","type":"nonprofit","lineage":["https://openalex.org/I1321305853"]},{"id":"https://openalex.org/I20089843","display_name":"Princeton University","ror":"https://ror.org/00hx57361","country_code":"US","type":"education","lineage":["https://openalex.org/I20089843"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Mark W. Watson","raw_affiliation_strings":["Princeton University and National Bureau of Economic Research","Woodrow Wilson School"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Princeton University and National Bureau of Economic Research","institution_ids":["https://openalex.org/I1321305853","https://openalex.org/I20089843"]},{"raw_affiliation_string":"Woodrow Wilson School","institution_ids":[]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":5,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":47.7763,"has_fulltext":false,"cited_by_count":431,"citation_normalized_percentile":{"value":0.99704972,"is_in_top_1_percent":true,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":99,"max":100},"biblio":{"volume":"119","issue":"1","first_page":"1","last_page":"38"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9731000065803528,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9731000065803528,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11059","display_name":"Market Dynamics and Volatility","score":0.013299999758601189,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11742","display_name":"Economic Theory and Policy","score":0.0052999998442828655,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/industrial-production","display_name":"industrial production","score":0.8650000095367432},{"id":"https://openalex.org/keywords/sectoral-shocks","display_name":"sectoral shocks","score":0.949999988079071},{"id":"https://openalex.org/keywords/aggregate-shocks","display_name":"aggregate shocks","score":0.9990000128746033},{"id":"https://openalex.org/keywords/idiosyncratic-shocks","display_name":"idiosyncratic shocks","score":0.9290000200271606},{"id":"https://openalex.org/keywords/great-moderation","display_name":"Great Moderation","score":0.777999997138977},{"id":"https://openalex.org/keywords/input-output-linkages","display_name":"input-output linkages","score":0.7620000243186951},{"id":"https://openalex.org/keywords/multi-sector-growth-model","display_name":"multi-sector growth model","score":0.9409999847412109},{"id":"https://openalex.org/keywords/business-cycle-volatility","display_name":"business cycle volatility","score":0.7200000286102295},{"id":"https://openalex.org/keywords/common-factors","display_name":"common factors","score":0.40400001406669617}],"concepts":[{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.7850096821784973},{"id":"https://openalex.org/C72868586","wikidata":"https://www.wikidata.org/wiki/Q5599587","display_name":"Great Moderation","level":3,"score":0.7422330975532532},{"id":"https://openalex.org/C4679612","wikidata":"https://www.wikidata.org/wiki/Q866298","display_name":"Aggregate (composite)","level":2,"score":0.6843200325965881},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.6460108757019043},{"id":"https://openalex.org/C82753439","wikidata":"https://www.wikidata.org/wiki/Q1419090","display_name":"Industrial production","level":2,"score":0.5801908373832703},{"id":"https://openalex.org/C91602232","wikidata":"https://www.wikidata.org/wiki/Q756115","display_name":"Volatility (finance)","level":2,"score":0.5685919523239136},{"id":"https://openalex.org/C2778348673","wikidata":"https://www.wikidata.org/wiki/Q739302","display_name":"Production (economics)","level":2,"score":0.5520393252372742},{"id":"https://openalex.org/C155702961","wikidata":"https://www.wikidata.org/wiki/Q5318975","display_name":"Dynamic factor","level":2,"score":0.5039045214653015},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.37054944038391113},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.23932209610939026},{"id":"https://openalex.org/C159985019","wikidata":"https://www.wikidata.org/wiki/Q181790","display_name":"Composite material","level":1,"score":0.0},{"id":"https://openalex.org/C192562407","wikidata":"https://www.wikidata.org/wiki/Q228736","display_name":"Materials science","level":0,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1086/659311","doi":"https://doi.org/10.1086/659311","is_oa":false,"landing_page_url":"https://doi.org/10.1086/659311","pdf_url":null,"source":{"id":"https://openalex.org/S95323914","display_name":"Journal of Political Economy","issn_l":"0022-3808","issn":["0022-3808","1537-534X"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","fnege-1-star","ft50","jufo-3","ki-jl-2","norway-2","poland-200","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310315672","host_organization_name":"University of Chicago Press","host_organization_lineage":["https://openalex.org/P4310315672","https://openalex.org/P4310315690"],"host_organization_lineage_names":["University of Chicago Press","University of Chicago"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Political Economy","raw_type":"journal-article"}],"best_oa_location":null,"sustainable_development_goals":[{"display_name":"Decent work and economic growth","id":"https://metadata.un.org/sdg/8","score":0.6452000141143799}],"sustainable_development_goals_aurora":[{"display_name":"Industry, innovation and infrastructure","id":"https://metadata.un.org/sdg/9","score":0.49000000953674316}],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":33,"referenced_works":["https://openalex.org/W147906343","https://openalex.org/W1496767079","https://openalex.org/W1500415163","https://openalex.org/W1533259750","https://openalex.org/W1533572278","https://openalex.org/W1534483312","https://openalex.org/W1542618663","https://openalex.org/W1593748280","https://openalex.org/W1991135386","https://openalex.org/W2014077903","https://openalex.org/W2014165366","https://openalex.org/W2014299338","https://openalex.org/W2050541872","https://openalex.org/W2052489773","https://openalex.org/W2057539574","https://openalex.org/W2063698478","https://openalex.org/W2075102972","https://openalex.org/W2079563517","https://openalex.org/W2114907228","https://openalex.org/W2149126921","https://openalex.org/W2162328283","https://openalex.org/W2327203748","https://openalex.org/W2891370998","https://openalex.org/W3121812836","https://openalex.org/W3122438879","https://openalex.org/W3122444308","https://openalex.org/W3123743223","https://openalex.org/W3123754493","https://openalex.org/W3124853403","https://openalex.org/W3124920080","https://openalex.org/W3125729256","https://openalex.org/W3125986346","https://openalex.org/W4213099427"],"related_works":["https://openalex.org/W2890967607","https://openalex.org/W3041175649","https://openalex.org/W7099683496","https://openalex.org/W7097512400","https://openalex.org/W1481091896","https://openalex.org/W1578960777","https://openalex.org/W3042029552","https://openalex.org/W2081474551","https://openalex.org/W114153012","https://openalex.org/W2781918595"],"abstract_inverted_index":{"Using":[0],"factor":[1,18,49,54],"methods,":[2],"we":[3],"decompose":[4],"industrial":[5],"production":[6],"(IP)":[7],"into":[8],"components":[9],"arising":[10],"from":[11],"aggregate":[12,70],"and":[13],"sector-specific":[14],"shocks.":[15],"An":[16],"approximate":[17],"model":[19,38],"finds":[20],"that":[21,57],"nearly":[22],"all":[23],"of":[24,44,69,75,84,94],"IP":[25],"variability":[26],"is":[27],"associated":[28],"with":[29],"common":[30],"factors.":[31],"We":[32],"then":[33],"use":[34],"a":[35,52,64],"multisector":[36],"growth":[37],"to":[39],"adjust":[40],"for":[41],"the":[42,48,58,67,73,82,90,95],"effects":[43],"input-output":[45],"linkages":[46],"in":[47,66,98],"analysis.":[50],"Thus,":[51],"structural":[53],"analysis":[55],"indicates":[56],"Great":[59],"Moderation":[60],"was":[61,78],"characterized":[62],"by":[63],"fall":[65],"importance":[68],"shocks":[71,77,86],"while":[72],"volatility":[74],"sectoral":[76],"essentially":[79],"unchanged.":[80],"Consequently,":[81],"role":[83],"idiosyncratic":[85],"increased":[87],"considerably":[88],"after":[89],"mid-1980s,":[91],"explaining":[92],"half":[93],"quarterly":[96],"variation":[97],"IP.":[99]},"counts_by_year":[{"year":2026,"cited_by_count":14},{"year":2025,"cited_by_count":30},{"year":2024,"cited_by_count":35},{"year":2023,"cited_by_count":35},{"year":2022,"cited_by_count":34},{"year":2021,"cited_by_count":29},{"year":2020,"cited_by_count":35},{"year":2019,"cited_by_count":35},{"year":2018,"cited_by_count":32},{"year":2017,"cited_by_count":32},{"year":2016,"cited_by_count":32},{"year":2015,"cited_by_count":28},{"year":2014,"cited_by_count":25},{"year":2013,"cited_by_count":18},{"year":2012,"cited_by_count":7}],"updated_date":"2026-10-20T09:52:01.089006","created_date":"2016-06-24T00:00:00"}