The UK Intranational Trade Cycle
AbstractThe paper uses annual data on real GDP for the UK regions and 12 manufacturing sectors toderive regional and regional/sectoral business cycles using an H-P filter. The cohesion of thecycles is examined via cross-correlations and comparisons made with the regional cycles forJapan, the United States and the EuroArea. The UK emerges as especially cohesive andefforts to explain the overall cross-correlations of regional GDP are not very successfulowing to the low variance of the explicand; when attention is turned to the sectoral/regionalcycles, with their greater variance it is possible to demonstrate that economic variables suchas distance, dissimilarity in structure and level of output play a significant role in explainingthe variance in the cross-correlations. A significant feature of the cross-correlations inrelation to those of EU countries is that whilst they continue to provide support for the "UKidiosyncrasy" they no longer do so as strongly as they did in earlier data samples
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Bibliographic InfoPaper provided by Spatial Economics Research Centre, LSE in its series SERC Discussion Papers with number 0019.
Date of creation: Apr 2009
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Web page: http://www.spatialeconomics.ac.uk/SERC/publications/default.asp
intranational business cycle; regional business cycles; income convergence; Hodrick-Prescott filter; Euro-sympathy;
Other versions of this item:
- Michael Artis & Toshihiro Okubo, 2008. "The UK Intranational Trade Cycle," Centre for Growth and Business Cycle Research Discussion Paper Series 111, Economics, The Univeristy of Manchester.
- Artis, Michael J & Okubo, Toshihiro, 2009. "The UK Intranational Trade Cycle," CEPR Discussion Papers 7152, C.E.P.R. Discussion Papers.
- Michael Artis & Toshihiro Okubo, 2009. "The UK intranational trade cycle," LSE Research Online Documents on Economics 33211, London School of Economics and Political Science, LSE Library.
- Michael Artis & Toshihiro Okubo, 2009. "The UK Intranational Trade Cycle," Discussion Paper Series 234, Research Institute for Economics & Business Administration, Kobe University.
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
- E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
- R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-08-16 (All new papers)
- NEP-BEC-2009-08-16 (Business Economics)
- NEP-MAC-2009-08-16 (Macroeconomics)
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