Economic Development and Volatility among the States
AbstractUsing state level personal income, we empirically demonstrate the importance of economic development and diversification for the changes in volatility. We show that volatility of income growth is initially decreasing in the level of income and the degree of diversification. Yet, as state income continues rising, its volatility starts increasing. We also find that expansion of interstate banking and the size of the service sector are among the factors that have influenced volatility.
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Bibliographic InfoArticle provided by AccessEcon in its journal Economics Bulletin.
Volume (Year): 30 (2010)
Issue (Month): 3 ()
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State Level Moderation; Economic Development; Specialization;
Find related papers by JEL classification:
- O1 - Economic Development, Technological Change, and Growth - - Economic Development
- E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
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The Review of Economics and Statistics,
MIT Press, vol. 90(1), pages 65-80, February.
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