Specification

Variable

Hypothesis

Results

Overall

Sector

differences

(−) Producers

Sector*change or intensity

differences

(+) producer

Variation or Velocity

differences

Not significant

Positive shocks

Sector

(+) Producers (−) consumers

(−) Producers

Sector*change or intensity

differences

(+) Producers

Variation

differences

Not significant

Negative shocks

Sector

(−) Producers

(−) Banking

(−) Banking

(+) producer

Sector*change or intensity

differences

(−) Producers

Percent change

Variation

differences

(−) Percent change

(+) Variation