This paper examines the convergence of regional business cycles in the decades that followed Italy's Unification. The aggregate construction series point to cyclical convergence, but a sectorlevel analysis traces this result to the decline in differentiated "regional-policy" shocks. The regional market cycles diverged, as the regions specialized in different sectors of production; market-cycle convergence is observed only within the "industrial triangle," the regions of which also developed different specializations. This suggests that the balance between growing interdependence and growing differentiation is not general, as the current literature presumes, but specialization-specific.
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Paper provided by Tor Vergata University, CEIS in its series CEIS Research Paper with number
133.
Length: 26 pages Date of creation: 18 Nov 2008 Date of revision:
18 Nov 2008 Handle: RePEc:rtv:ceisrp:133
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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.
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Lawrence J. Christiano & Terry J. Fitzgerald, 1999.
"The Band Pass Filter,"
NBER Working Papers
7257, National Bureau of Economic Research, Inc.
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Lawrence J. Christiano & Terry J. Fitzgerald, 1999.
"The Band pass filter,"
Working Paper
9906, Federal Reserve Bank of Cleveland.
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