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The Geography of the Great Recession

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  • Alessandra Fogli
  • Enoch Hill
  • Fabrizio Perri

Abstract

This 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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File URL: http://www.nber.org/papers/w18447.pdf
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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 18447.

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Date of creation: Oct 2012
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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)
Handle: RePEc:nbr:nberwo:18447

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  1. John Y. Campbell & Stefano Giglio & Parag Pathak, 2009. "Forced Sales and House Prices," NBER Working Papers 14866, National Bureau of Economic Research, Inc.
  2. MARTIN, Philippe & MAYER, Thierry & MAYNERIS, Florian, . "Spatial concentration and plant-level productivity in France," CORE Discussion Papers RP -2273, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  3. Laura Veldkamp & Alessandra Fogli, 2009. "Nature or Nurture? Learning and the Geography of Female Labor Force Participation," 2009 Meeting Papers 141, Society for Economic Dynamics.
  4. James D. Hamilton & Michael T. Owyang, 2011. "The Propagation of Regional Recessions," NBER Working Papers 16657, National Bureau of Economic Research, Inc.
  5. Stijn Van Nieuwerburgh & Pierre-Olivier Weill, 2006. "Why Has House Price Dispersion Gone Up?," NBER Working Papers 12538, National Bureau of Economic Research, Inc.
  6. Eleonora Patacchini & Yves Zenou, 2007. "Spatial dependence in local unemployment rates," Journal of Economic Geography, Oxford University Press, vol. 7(2), pages 169-191, March.
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