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Abstract

This paper examines the comovements of construction in Italy's regions from 1861 to 1913. The dynamic correlations of the series' deviation cycles decline in the case of buildings, remain very low in that of railways, and tend to decline in that of other infrastructure; the total-construction correlations instead peak in the 1870s, and again after 1900. Long-term comovements are examined by tracking the dispersion of the first differences of the measured trends. Increasing dispersion is obtained in the construction of buildings and of non-rail infrastructure; railway construction displayed a dramatic decline in dispersion, which dominates the aggregate.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 8870.

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Date of creation: 23 May 2008
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Handle: RePEc:pra:mprapa:8870

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Related research

Keywords: construction; regions ; post-Unification Italy; trends; cycles; comovements;

Find related papers by JEL classification:

• H54 - Public Economics - - National Government Expenditures and Related Policies - - - Infrastructures
• N63 - Economic History - - Manufacturing and Construction - - - Europe: Pre-1913
• E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
• C14 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Semiparametric and Nonparametric Methods: General
• N13 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: Pre-1913

This paper has been announced in the following NEP Reports:

• NEP-ALL-2008-05-31 (All new papers)
• NEP-GEO-2008-05-31 (Economic Geography)
• NEP-HIS-2008-05-31 (Business, Economic & Financial History)
• NEP-MAC-2008-05-31 (Macroeconomics)

References

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1. Proietti, Tommaso, 2008. "Structural Time Series Models for Business Cycle Analysis," MPRA Paper 6854, University Library of Munich, Germany.
   
   • Tommaso Proietti, 2008. "Structural Time Series Models for Business Cycle Analysis," CEIS Research Paper 109, Tor Vergata University, CEIS, revised 10 Jul 2008.
2. Lawrence J. Christiano & Terry J. Fitzgerald, 1999. "The Band Pass Filter," NBER Working Papers 7257, National Bureau of Economic Research, Inc.
   
   • Lawrence J. Christiano & Terry J. Fitzgerald, 2003. "The Band Pass Filter," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 44(2), pages 435-465, 05.
   • Lawrence J. Christiano & Terry J. Fitzgerald, 1999. "The Band pass filter," Working Paper 9906, Federal Reserve Bank of Cleveland.
3. Ravn, M.O. & Uhlig, H., 2002. "On adjusting the Hodrick-Prescott Filter for the frequency of observations," Open Access publications from University College London http://discovery.ucl.ac.u, University College London.
   
   • Morten O. Ravn & Harald Uhlig, 2002. "On adjusting the Hodrick-Prescott filter for the frequency of observations," The Review of Economics and Statistics, MIT Press, vol. 84(2), pages 371-375.
4. Robert J. Hodrick & Edward Prescott, 1981. "Post-War U.S. Business Cycles: An Empirical Investigation," Discussion Papers 451, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
   
   • Hodrick, Robert J & Prescott, Edward C, 1997. "Postwar U.S. Business Cycles: An Empirical Investigation," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 29(1), pages 1-16, February.
5. Croux, Christophe & Forni, M & Reichlin, L, 2001. "A measure of comovement for economic variables: Theory and empirics," Open Access publications from Katholieke Universiteit Leuven urn:hdl:123456789/99012, Katholieke Universiteit Leuven.
   
   • Christophe Croux & Mario Forni & Lucrezia Reichlin, 2001. "A Measure Of Comovement For Economic Variables: Theory And Empirics," The Review of Economics and Statistics, MIT Press, vol. 83(2), pages 232-241, May.
   • Christophe Croux & Mario Forni & Lucrezia Reichlin, 2001. "A measure of co-movement for economic variables: theory and empirics," ULB Institutional Repository 2013/10139, ULB -- Universite Libre de Bruxelles.
   • Croux, Christophe & Forni, Mario & Reichlin, Lucrezia, 1999. "A Measure of Comovement for Economic Variables: Theory and Empirics," CEPR Discussion Papers 2339, C.E.P.R. Discussion Papers.
6. Fenoaltea, Stefano, 2003. "Peeking Backward: Regional Aspects of Industrial Growth in Post-Unification Italy," The Journal of Economic History, Cambridge University Press, vol. 63(04), pages 1059-1102, December.

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