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Short-run dynamics of income disparities and regional cycle synchronization

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  • Hasan Engin Duran

    ()
    (Department of Economics, University Of Venice Cà Foscari)

Abstract

Since the 1990s, the issue of regional income convergence and its long term tendencies has been thoroughly and heatedly discussed. Far less attention, however, has been devoted to the short-run dynamics of regional convergence. In particular, three important aspects have not yet been adequately addressed. Firstly, it is indeed essential to understand whether regional disparities manifest a tendency to move systematically along the national cycle. Then, if this happens to be the case, it becomes crucial to know whether: i. these movements are pro- or counter-cyclical, ii. the cyclical evolution of the disparities is a consequence of differences in the timing with which the business cycle is felt across regions or it is motivated by the amplitude differences across local cyclical swings. In this paper, we shed light on these issues using data on personal income for the 48 coterminous US states between 1969 and 2008.

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Bibliographic Info

Paper provided by Department of Economics, University of Venice "Ca' Foscari" in its series Working Papers with number 2011_09.

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Length: 41
Date of creation: 2011
Date of revision:
Handle: RePEc:ven:wpaper:2011_09

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Keywords: cyclical income disparities; regional business cycles; synchronization;

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  1. Andrés Rodríguez-Pose & Ugo Fratesi, 2007. "Regional Business Cycles and the Emergence of Sheltered Economies in the Southern Periphery of Europe," Growth and Change, Gatton College of Business and Economics, University of Kentucky, vol. 38(4), pages 621-648.
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  3. George Petrakos & Andr�s Rodr�guez-Pose & Antonis Rovolis, 2005. "Growth, integration, and regional disparities in the European Union," Environment and Planning A, Pion Ltd, London, vol. 37(10), pages 1837-1855, October.
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  6. Hamilton, James D, 1989. "A New Approach to the Economic Analysis of Nonstationary Time Series and the Business Cycle," Econometrica, Econometric Society, vol. 57(2), pages 357-84, March.
  7. Magrini, Stefano, 1999. "The evolution of income disparities among the regions of the European Union," Regional Science and Urban Economics, Elsevier, vol. 29(2), pages 257-281, March.
  8. Harding, Don & Pagan, Adrian, 2003. "A comparison of two business cycle dating methods," Journal of Economic Dynamics and Control, Elsevier, vol. 27(9), pages 1681-1690, July.
  9. Sari Pekkala, 2000. "Aggregate economic fluctuations and regional convergence: the Finnish case 1988-95," Applied Economics, Taylor & Francis Journals, vol. 32(2), pages 211-219.
  10. Mark D. Partridge & Dan S. Rickman, 2005. "Regional cyclical asymmetries in an optimal currency area: an analysis using US state data," Oxford Economic Papers, Oxford University Press, vol. 57(3), pages 373-397, July.
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