@techreport{NBERw5305,
 title = "Complementarities and Comovements",
 author = "John Shea",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "5305",
 year = "1995",
 month = "October",
 URL = "http://www.nber.org/papers/w5305",
 abstract = {Short-run interindustry comovement may be due either to common shocks or to complementarities that propagate shocks across sectors. This paper assesses the importance of input-output linkages, aggregate activity spillovers, and local activity spillovers to comovement in postwar US manufacturing.  I find that input-output linkages and local activity spillovers are important to comovement, while aggregate activity spillovers are not important.  I find that complementarities are important to aggregate volatility, even after I remove observable aggregate shocks from the data.  Local spillovers are particularly important, explaining between 15 and 36 percent of manufacturing employment volatility.},
}