Purpose The difference in the export performance of different countries during the Great Recession 2008-2009 attracted some attention. It was frequently argued that the differences in export concentration were responsible for the differences in export performance: countries with more...

D EJUAN J. (2003) The response of consumption to income innovations: evidence from UK regions, Reg. Studies 37 , 445-451. The permanent income hypothesis (PIH) predicts an income innovation has the same size effect on consumption as on permanent income. This paper tests this prediction using...