Kutlaca, D.; Radošević, S.; (2002) Industries, costs and macroeconomic regimes in Central and Eastern European countries: towards stylised facts. (Economics Working Papers 27). Centre for the Study of Economic and Social Change in Europe, SSEES, UCL: London, UK.

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Abstract

Economists have difficulties to conceptualise and model the relationship between macroeconomic policy and industry change. This paper explores the relationships between industry cost structures and macroeconomic regimes in central and east European countries (CEECs). It finds that the cost structures are more homogenous within industries than within countries. Changes in cost structures are dominantly intra-industry, i.e. unrelated to changes in industry structures though in some countries structural and specialisation effects are also significant. The paper links the intensity of changes in industry cost structures with a composite measure of macroeconomic stability. In the case of five CEECs, it finds that there is a country-specific relationship between changes in costs and macroeconomic stability. Based on these findings the paper provides arguments for integration of macroeconomic and industrial (technology) policies.

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