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Understanding U.S. regional cyclical comovement: How important are spillovers and common shocks?

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Author Info

  • Michael A. Kouparitsas

Abstract

This article develops a statistical model to study the business cycles of the eight U.S. Bureau of Economic Analysis regions. The author shows that the high level of cyclical comovement among per capita incomes of U.S. regions is the byproduct of common shocks to the regions rather than shocks that originate in one region and subsequently spill over to other regions.

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File URL: http://www.chicagofed.org/digital_assets/publications/economic_perspectives/2002/4qepart3.pdf
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Bibliographic Info

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

Volume (Year): (2002)
Issue (Month): Q IV ()
Pages: 30-41

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Handle: RePEc:fip:fedhep:y:2002:i:qiv:p:30-41:n:v.26no.4

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Related research

Keywords: Business cycles ; Income;

References

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  1. Michael A. Kouparitsas, 2001. "Is the United States an optimum currency area? an empirical analysis of regional business cycles," Working Paper Series WP-01-22, Federal Reserve Bank of Chicago.
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Citations

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Cited by:
  1. Viv Hall & C. John McDermott, 2004. "Regional business cycles in New Zealand: Do they exist? What might drive them?," Working Papers 04_10, Motu Economic and Public Policy Research.
  2. Ana Gomez Loscos & M. Dolores Gadea & Antonio Montañes, 2011. "Cycles inside cycles: Spanish regional aggregation," ERSA conference papers ersa11p99, European Regional Science Association.
  3. Grimes, Arthur, 2005. "Regional and industry cycles in Australasia: Implications for a common currency," Journal of Asian Economics, Elsevier, vol. 16(3), pages 380-397, June.
  4. 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.
  5. 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.
  6. 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.
  7. Berk, Jan Marc & Swank, Job, 2011. "Price level convergence and regional Phillips curves in the US and EMU," Journal of International Money and Finance, Elsevier, vol. 30(5), pages 749-763, September.
  8. Hiroshi Sakamoto, 2011. "Inter-regional spillovers in Fukuoka Prefecture: Using VAR model," ERSA conference papers ersa11p360, European Regional Science Association.

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