This paper considers contributions of industry-sectoral-micro shocks vs aggregate macro shocks. A dynamic factor model is estimated with maximum likelihood method in the frequency domain, and decomposes US unemployment movements into industry sectoral and common components. Sectoral shocks...

We study the effect of international business trips on the productivity of twelve Australian industries during 1991/2-2005/6.We find strong positive effects, particularly for departing, rather than incoming, international visits. This result supports viewing business visits as investments rather...