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Regional Income Fluctuations: Common Trends And Common Cycles Author info | Abstract | Publisher info | Download info | Related research | Statistics Gerald Carlino
Keith Sill
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This paper investigates trend and cycle dynamics in per capita income for the major U.S. regions during the 1956-1995 period. Cointegration and serial correlation common features information are used in jointly decomposing the series into trend and cycle components. We find considerable differences in the volatility of regional cycles. Controlling for differences in volatility, we find a great deal of comovement in the cyclical response for all regions but the Far West. Possible sources underlying differences in regional cycles are explored, such as the share of a region's income accounted for by manufacturing, defense spending as a proportion of a region's income, oil price shocks, and the stance of monetary policy. Somewhat surprisingly, we find that the share of manufacturing in a region seems to account for little of the variation in regional cycles relative to national cycles, but manufacturing share differentially affects trend growth for four of the seven regions studied. © 2001 by the President and Fellows of Harvard College and the Massachusetts Institute of Technolog
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Article provided by MIT Press in its journal The Review of Economics and Statistics .
Volume (Year): 83 (2001)
Issue (Month): 3 (August)
Pages: 446-456
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Handle: RePEc:tpr:restat:v:83:y:2001:i:3:p:446-456Contact details of provider: Web page: http://mitpress.mit.edu/journals/
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References listed on IDEAS 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.: Long, John B, Jr & Plosser, Charles I, 1987.
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