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I quantify the contribution of sectoral shocks to business cycle ‡uctuations in aggregate output. I develop a multi-industry general equilibrium model in which each industry employs the material and capital goods produced by other sectors, and then estimate this model using data on U.S. industries' sales, output prices, and input choices. Maximum likelihood estimates indicate that industry-speci...c shocks account for nearly two-thirds of the volatility of aggregate output, substantially largerdoi:10.2139/ssrn.2523424 fatcat:sekycuij4fct5gvbmgwepesupu