July 13, 2009

Investors who pay attention to government regulations and technological innovations may be able to anticipate industry responses to aggregate demand shocks. In doing so, they may be able to anticipate changes in the alpha and beta coefficients of the various industries and from there implement a successful industry selection strategy. Using historical evidence, we have developed a classification of how each industry performs under different economic conditions. In particular, we have examined the output, employment, and price responses of the different industries over time.

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