We use a novel classification scheme to identify three stages of production in the manufacturing sector: parts, components, and final goods. In particular, we offer evidence on the revealed comparative advantage of the EU-27 countries concerning the three vertically separated stages of...

This paper shows that macroeconomic uncertainty affects the housing market in two significant ways. First, uncertainty shocks adversely a¤ect housing prices but not the quantities that are traded. Controlling for a broad set of variables in fixed-effects regressions, we find that uncertainty...