region or city's industry composition is an important determinant
of the amplitude and timing of its local business cycles. Local
economies comprised of cyclically sensitive industries should
experience recessions that are severe relative to the nation,
whereas local economies made up of cyclically stable activities
should exhibit mild cycles relative to the nation. The effects of
industry mix on local cycles are clearly stated by Walter Isard
(1957): Differences in the intensity and timings of regional cycles
are explained in terms of differences in the sensitivity and
responsiveness of particular industries. Cycles of a regional
economy are simple composites of the cyclical movement of the
economy's industries appropriately weighted.
General
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