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Sectoral versus Aggregate Shocks: A Structural Factor Analysis of Industrial Production Andrew T. Forster Duke UniversityPierreDaniel G. Sartre Federal Reserve Bank of Richmond Mark W. Watson Princeton

. The structure of the industry as a vector to identify the relevant shocks. We find that a variety of industry-dependent factors are associated with a considerable fraction of the total variability in IP. When applied to US total labor productivity, they are responsible for half the variability. The two most important are non-monetary capital and non-dividend returns to capital. Together these factors account for half the variation in US output as a whole. Furthermore, we observe that the shocks themselves are not simply random, but that they have substantial impact on the variation in IP. The effects of some of these shocks on IP, for example reductions in the monetary and monetary/real rates, become far more significant than the effects of the shock that caused output to decrease by a factor of 4 over the course of the recession. Overall the model is highly consistent with the empirical data and robust to a variety of alternative specifications and measures of variability.

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Sectoral versus aggregate shocks refer to the distinction between shocks that affect specific sectors or industries and shocks that impact the entire economy.

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The process for filling out sectoral versus aggregate shocks may vary depending on the reporting requirements set by the regulatory body. Typically, it involves gathering relevant data on shocks and their impact on different sectors or aggregates, and reporting this information in a prescribed format.

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The purpose of reporting sectoral versus aggregate shocks is to provide policymakers, regulators, and other stakeholders with insights into the distribution of shocks within the economy. This information can help in understanding the vulnerabilities and resilience of different sectors and inform policy decisions.

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The specific information that needs to be reported on sectoral versus aggregate shocks can vary, but it may include details on the nature and magnitude of the shocks, the affected sectors or aggregates, and the resulting impact on different economic indicators.

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