Intra & inter‐regional industry shocks: A new metric with application to Australasian currency union

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• Arthur Grimes, Motu Economic & Public Policy Research, PO Box 24390, Wellington, New Zealand, [email protected] Motu Economic & Public Policy Research & University of Waikato. The research programme, of which this paper forms a part, is funded through a grant from the Marsden Fund of the Royal Society of New Zealand. An earlier version of this paper was presented at the AEA conference, Philadelphia, January 2005. I thank Reuven Glick, participants at a Reserve Bank of New Zealand seminar, two referees and the editor of this journal for valuable comments on earlier versions. I am solely responsible for the final content.
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