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Common and Spatial Drivers in Regional Business Cycles

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Author Info
Michael Artis
Christian Dreger
Konstantin A. Kholodilin

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Abstract

We examine real business cycle convergence for 41 euro area regions and 48 US states. Results obtained by a panel model with spatial correlation indicate that the relevance of common business cycle factors is rather stable over the past two decades in the euro area and the US. Ongoing business cycle convergence often detected in a country data is not confirmed at the regional level. The degree of synchronization across the euro area is similar to that to be found for the US states. Thus, the lack of convergence does not seem to be an impediment to a common monetary policy.

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Paper provided by DIW Berlin, German Institute for Economic Research in its series Discussion Papers of DIW Berlin with number 859.

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Length: 10 p.
Date of creation: 2009
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Handle: RePEc:diw:diwwpp:dp859

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Related research
Keywords: Business cycle convergence; spatial correlation; spatial panel model;

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Find related papers by JEL classification:
E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
E37 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Forecasting and Simulation

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