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Business cycle coordination along the Texas-Mexico border

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Author Info
Keith R. Phillips
Jesus Canas
Abstract

In this paper we use a dynamic single-factor model originally due to Stock and Watson [18, 19] to measure the business cycle in four Texas border Metropolitan Statistical Areas (MSAs) and Mexico. We then measure the degree of economic integration between border cities, the US, Texas, and Mexican economies using correlation, spectral and cluster analysis. Results suggest border MSAs are significantly integrated with the broader economies and that major changes have occurred in these relationships since 1994, the year in which NAFTA was enacted and the time maquiladora industry began to accelerate.

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File URL: http://dallasfed.org/research/papers/2005/wp0502.pdf
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Paper provided by Federal Reserve Bank of Dallas in its series Working Papers with number 05-02.

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Date of creation: 2004
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Handle: RePEc:fip:feddwp:05-02

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Keywords: North American Free Trade Agreement ; Maquiladora;

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  1. Keith Phillips & Carlos Manzanares, 2001. "Transportation infrastructure and the border economy," Border Economy 3, Federal Reserve Bank of Dallas. [Downloadable!]
  2. Theodore M. Crone, 2002. "Consistent economic indexes for the 50 states," Working Papers 02-7, Federal Reserve Bank of Philadelphia. [Downloadable!]
  3. Toby Cook, 2001. "Housing affordability: outlook improving along the border," Border Economy 4, Federal Reserve Bank of Dallas. [Downloadable!]
  4. Robert W. Gilmer & Matthew Gurch & Thomas Wang, 2001. "Texas border cities : an income growth perspective," Border Economy 1, Federal Reserve Bank of Dallas. [Downloadable!]
  5. Carlino Gerald & Defina Robert, 1995. "Regional Income Dynamics," Journal of Urban Economics, Elsevier, vol. 37(1), pages 88-106, January. [Downloadable!] (restricted)
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  6. Pia M. Orrenius & Anna L. Berman, 2002. "Growth on the border or bordering on growth ?," The Southwest Economy, Federal Reserve Bank of Dallas, issue May, pages 1 - 8. [Downloadable!]
  7. Gerald Carlino & Keith Sill, 2001. "Regional Income Fluctuations: Common Trends And Common Cycles," The Review of Economics and Statistics, MIT Press, vol. 83(3), pages 446-456, August. [Downloadable!] (restricted)
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  8. James H. Stock & Mark W. Watson, 1989. "New Indexes of Coincident and Leading Economic Indicators," NBER Chapters, in: NBER Macroeconomics Annual 1989, Volume 4, pages 351-409 National Bureau of Economic Research, Inc. [Downloadable!]
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  9. White, Halbert, 1980. "A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity," Econometrica, Econometric Society, vol. 48(4), pages 817-38, May. [Downloadable!] (restricted)
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