The Geography of the Great Recession
AbstractThis paper documents, using county level data, some geographical features of the US business cycle over the past 30 years, with particular focus on the Great Recession. It shows that county level unemployment rates are spatially dispersed and spatially correlated, and documents how these characteristics evolve during recessions. It then shows that some of these features of county data can be generated by a model which includes simple channels of transmission of economic conditions from a county to its neighbors. The model suggests that these local channels are quantitatively important for the amplification/muting of aggregate shocks.
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Bibliographic InfoPaper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 18447.
Date of creation: Oct 2012
Date of revision:
Publication status: published as Alessandra Fogli, Enoch Hill, Fabrizio Perri. "The Geography of the Great Recession," in Francesco Giavazzi and Kenneth D. West, organizers, "NBER International Seminar on Macroeconomics 2012" University of Chicago Press (2013)
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Other versions of this item:
- Alessandra Fogli & Enoch Hill & Fabrizio Perri, 2012. "The Geography of the Great Recession," NBER Chapters, in: NBER International Seminar on Macroeconomics 2012, pages 305-331 National Bureau of Economic Research, Inc.
- Alessandra Fogli & Enoch Hill & Fabrizio Perri, 2013. "The Geography of the Great Recession," NBER International Seminar on Macroeconomics, University of Chicago Press, vol. 9(1), pages 305 - 331.
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
- R12 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Size and Spatial Distributions of Regional Economic Activity; Interregional Trade (economic geography)
This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-10-20 (All new papers)
- NEP-GEO-2012-10-20 (Economic Geography)
- NEP-MAC-2012-10-20 (Macroeconomics)
- NEP-URE-2012-10-20 (Urban & Real Estate Economics)
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