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Regional employment growth and the business cycle

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  • Ellen R. Rissman
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    Abstract

    Employment growth is highly correlated across regions. The author uses joint movements in regional employment growth to define and estimate a common factor, analogues to the business cycle. Regions differ substantially in the relative importance of cyclical shocks and idiosyncratic shocks in explaining the steady state variance in regional employment growth. For example, cyclical shocks account for almost 90 percent of the steady state variance in employment growth in the East South Central region and about 40 percent in the West South Central Region.

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    File URL: http://www.chicagofed.org/digital_assets/publications/economic_perspectives/1999/ep4Q99_2.pdf
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    Bibliographic Info

    Article provided by Federal Reserve Bank of Chicago in its journal Economic Perspectives.

    Volume (Year): (1999)
    Issue (Month): Q IV ()
    Pages: 21-39

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    Handle: RePEc:fip:fedhep:y:1999:i:qiv:p:21-39:n:v.23no.4

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    Related research

    Keywords: Employment (Economic theory) ; Regional economics ; Business cycles;

    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Olivier J. Blanchard & Mark W. Watson, 1987. "Are Business Cycles All Alike?," NBER Working Papers 1392, National Bureau of Economic Research, Inc.
    2. Joseph G. Altonji & John C. Ham, 1986. "Variation in Employment Growth in Canada: The Role of External, National, Regional and Industrial Factors," NBER Working Papers 1816, National Bureau of Economic Research, Inc.
    3. Barro, Robert J., 1978. "Unanticipated Money, Output, and the Price Level in the United States," Scholarly Articles 3450988, Harvard University Department of Economics.
    4. Katharine L. Bradbury, 1993. "Shifting patterns of regional employment and unemployment: a note," New England Economic Review, Federal Reserve Bank of Boston, issue Sep, pages 3-12.
    5. Arthur F. Burns & Wesley C. Mitchell, 1946. "Measuring Business Cycles," NBER Books, National Bureau of Economic Research, Inc, number burn46-1.
    6. Olivier Jean Blanchard & Lawrence F. Katz, 1992. "Regional Evolutions," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 23(1), pages 1-76.
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    Cited by:
    1. Nicolaas Groenewold & Guoping Lee & Anping Chen, 2006. "Inter-Regional Output Spillovers in China: Disentangling National from Regional Shocks," Economics Discussion / Working Papers 06-25, The University of Western Australia, Department of Economics.
    2. Groenwold, Nicolaas & Lee, Guoping & Chen, Anping, 2008. "Inter-regional spillovers in China: The importance of common shocks and the definition of the regions," China Economic Review, Elsevier, vol. 19(1), pages 32-52, March.
    3. De-Chih Liu, 2010. "Job creation and destruction by region in Taiwan," The Annals of Regional Science, Springer, vol. 44(1), pages 167-184, February.
    4. Michael T. Owyang & Jeremy Piger & Howard J. Wall, 2005. "Business Cycle Phases in U.S. States," The Review of Economics and Statistics, MIT Press, vol. 87(4), pages 604-616, November.
    5. Nicolaas Groenewold & Guoping Lee & Anping Chen, 2005. "Inter-Regional Spillovers in China: The Importance of Common Shocks and the Definition of Regions," Economics Discussion / Working Papers 05-19, The University of Western Australia, Department of Economics.
    6. Thomas Walker & David Norman, 2004. "Co-movement of Australian State Business Cycles," Econometric Society 2004 Australasian Meetings 334, Econometric Society.
    7. Jason Bram & Michael Anderson, 2001. "Declining manufacturing employment in the New York-New Jersey region: 1969-99," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 7(Jan).
    8. Nicolaas Groenewold & Guoping Lee & Anping Chen, 2006. "Inter-Regional Output Spillovers of Policy Shocks in China," Economics Discussion / Working Papers 06-26, The University of Western Australia, Department of Economics.

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