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Regional economies: separating trends from cycles

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Author Info

  • Gerald Carlino
  • Keith Sill

Abstract

The various regions of the United States, although linked, respond differently to changing economic circumstances. Traditional approaches to understanding these different reactions have relied on the assumption that long-run trends in regional income or employment are constant. Recently, many economists have adopted the view that trends also change during business cycles. Using a new technique, Jerry Carlino and Keith Sill distinguished changing trends from cycles in the eight major regions of the United States and identified regions that have similar cycles. In this article, they share their results

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Bibliographic Info

Article provided by Federal Reserve Bank of Philadelphia in its journal Business Review.

Volume (Year): (1997)
Issue (Month): May ()
Pages: 19-31

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Handle: RePEc:fip:fedpbr:y:1997:i:may:p:19-31

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Keywords: Business cycles ; Regional economics;

References

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  1. Gerald Carlino & Robert DeFina, 1993. "Regional income dynamics," Working Papers 93-1, Federal Reserve Bank of Philadelphia.
  2. Theodore M. Crone, 1994. "New indexes track the state of the states," Business Review, Federal Reserve Bank of Philadelphia, issue Jan, pages 19-31.
  3. Vahid, F & Engle, Robert F, 1993. "Common Trends and Common Cycles," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 8(4), pages 341-60, Oct.-Dec..
  4. Gerald Carlino & Keith Sill, 1996. "Common trends and common cycles in regional per capita incomes," Working Papers 96-13, Federal Reserve Bank of Philadelphia.
  5. Brian A. Cromwell, 1992. "Does California drive the West? an econometric investigation of regional spillovers," Economic Review, Federal Reserve Bank of San Francisco, pages 13-23.
  6. Robert F. Engle & Sharon Kozicki, 1990. "Testing For Common Features," NBER Technical Working Papers 0091, National Bureau of Economic Research, Inc.
  7. Coulson, N.E. & Rushen, S.F., 1993. "Sources of Fluctuations in the Boston Economy," Papers 4-93-5, Pennsylvania State - Department of Economics.
  8. John Boschen & Leonard Mills, 1990. "Monetary policy with a new view of potential GNP," Business Review, Federal Reserve Bank of Philadelphia, issue Jul, pages 3-10.
  9. Domazlicky, Bruce R., 1980. "Regional Business Cycles: A Survey," Journal of Regional Analysis and Policy, Mid-Continent Regional Science Association, vol. 10(1).
  10. Nelson, Charles R. & Plosser, Charles I., 1982. "Trends and random walks in macroeconmic time series : Some evidence and implications," Journal of Monetary Economics, Elsevier, vol. 10(2), pages 139-162.
  11. Hamilton, James D, 1983. "Oil and the Macroeconomy since World War II," Journal of Political Economy, University of Chicago Press, vol. 91(2), pages 228-48, April.
  12. Carolyn Sherwood-Call, 1988. "Exploring the relationships between national and regional economic fluctuations," Economic Review, Federal Reserve Bank of San Francisco, issue Sum, pages 15-25.
  13. Coulson N. Edward, 1993. "The Sources of Sectoral Fluctuations in Metropolitan Areas," Journal of Urban Economics, Elsevier, vol. 33(1), pages 76-94, January.
  14. Engle, Robert F. & Issler, Joao Victor, 1995. "Estimating common sectoral cycles," Journal of Monetary Economics, Elsevier, vol. 35(1), pages 83-113, February.
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Citations

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Cited by:
  1. Canova, Fabio & Pappa, Evi, 2006. "The elusive costs and the immaterial gains of fiscal constraints," Journal of Public Economics, Elsevier, vol. 90(8-9), pages 1391-1414, September.
  2. Juergen Bierbaumer-Polly, 2012. "Regional and Sectoral Business Cycles - Key Features for the Austrian economy," EcoMod2012 4074, EcoMod.
  3. repec:ebl:ecbull:v:3:y:2007:i:46:p:1-12 is not listed on IDEAS
  4. Alexandra Ferreira-Lopes & Álvaro M. Pina, 2008. "Business Cycles, Core and Periphery in Monetary Unions: Comparing Europe and North America," Working Papers Series 1 ercwp1908, ISCTE-IUL, Business Research Unit (BRU-IUL).
  5. Theodore M. Crone, 1999. "Using state indexes to define economic regions in the U.S," Working Papers 99-19, Federal Reserve Bank of Philadelphia.
  6. Mark A. Wynne & Jahyeong Koo, 1997. "Business cycles under monetary union: EU and US business cycles compared," Working Papers 9707, Federal Reserve Bank of Dallas.
  7. Ana Gomez Loscos & M. Dolores Gadea & Antonio Montañes, 2011. "Cycles inside cycles: Spanish regional aggregation," ERSA conference papers ersa11p99, European Regional Science Association.
  8. Andres Rodríguez-Pose & Ugo Fratesi, 2003. "Regional economic cycles and the emergence of sheltered economies in the periphery of the EU," ERSA conference papers ersa03p189, European Regional Science Association.
  9. Thomas Walker & David Norman, 2004. "Co-movement of Australian State Business Cycles," Econometric Society 2004 Australasian Meetings 334, Econometric Society.
  10. Igor Esteban Zuccardi Huertas, 2002. "Los ciclos económicos regionales en Colombia, 1986-2000," DOCUMENTOS DE TRABAJO SOBRE ECONOMÍA REGIONAL 003159, BANCO DE LA REPÚBLICA - ECONOMÍA REGIONAL.
  11. Döpke, Jörg, 1998. "Stylized facts of Euroland's business cycle," Kiel Working Papers 887, Kiel Institute for the World Economy.

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