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The comovements of construction in Italy's regions, 1861-1913

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  • Ciccarelli, Carlo
  • Fenoaltea, Stefano
  • Proietti, Tommaso

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

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  1. 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.
  2. 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.
  3. Tommaso Proietti, 2008. "Structural Time Series Models for Business Cycle Analysis," CEIS Research Paper 109, Tor Vergata University, CEIS, revised 10 Jul 2008.
  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.
  5. Durbin, James & Koopman, Siem Jan, 2001. "Time Series Analysis by State Space Methods," OUP Catalogue, Oxford University Press, number 9780198523543, September.
  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.
  7. Marianne Baxter & Robert G. King, 1999. "Measuring Business Cycles: Approximate Band-Pass Filters For Economic Time Series," The Review of Economics and Statistics, MIT Press, vol. 81(4), pages 575-593, November.
  8. 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.
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Cited by:
  1. Antoine Gentier & Giuseppina Gianfreda & Nathalie Janson, 2011. "Rent Dissipation or Government Predation? The Notes Issuance Activity in Italy 1865-1882," CAE Working Papers 88, Aix-Marseille Université, CERGAM.

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