Economic Development and Volatility among the States
Using state level personal income, we empirically demonstrate the importance of economic development and diversification for the changes in volatility. We show that volatility of income growth is initially decreasing in the level of income and the degree of diversification. Yet, as state income continues rising, its volatility starts increasing. We also find that expansion of interstate banking and the size of the service sector are among the factors that have influenced volatility.
Volume (Year): 30 (2010)
Issue (Month): 3 ()
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- María José Luengo-Prado & Bent E. Sørensen, 2008.
"What Can Explain Excess Smoothness and Sensitivity of State-Level Consumption?,"
The Review of Economics and Statistics,
MIT Press, vol. 90(1), pages 65-80, February.
- Bent E. Sørensen & Maria Jose Luengo-Prado, 2005. "What Can Explain Excess Smoothness and Sensitivity of State-Level Consumption?," Working Papers 2005-03, Department of Economics, University of Houston.
- Sebnem Kalemli-Ozcan & Bent E. Sorensen & Oved Yosha, 1999.
"Risk Sharing and Industrial Specialization: Regional and International Evidence,"
JCPR Working Papers
86, Northwestern University/University of Chicago Joint Center for Poverty Research.
- Sebnem Kalemli-Ozcan & Bent E. Sørensen & Oved Yosha, 2003. "Risk Sharing and Industrial Specialization: Regional and International Evidence," American Economic Review, American Economic Association, vol. 93(3), pages 903-918, June.
- Sebnem Kalemli-Ozcan & Bent E. S�rensen & Oved Yosha, 1999. "Risk Sharing and Industrial Specialization: Regional and International Evidence," Working Papers 99-16, Brown University, Department of Economics.
- Sørensen, Bent E & Yosha, Oved, 1999. "Risk Sharing and Industrial Specialization: Regional and International Evidence," CEPR Discussion Papers 2295, C.E.P.R. Discussion Papers.
- Kalemli-Ozcan, S. & Sorensen, B.E. & Yosha, O., 1999. "Risk Sharing and Industrial Specialization: Regional and International Evidence," Papers 16-99, Tel Aviv.
- Sebnem Kalemli-Ozcan & Bent E. Sorensen & Oved Yosha, 2000. "Risk sharing and industrial specialization ; regional and international evidence," Research Working Paper RWP 00-06, Federal Reserve Bank of Kansas City.
- Marco Del Negro, 2000.
"Asymmetric shocks among U.S. states,"
2000-27, Federal Reserve Bank of Atlanta.
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