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Assessing the regional business cycle asymmetry in a multi-level structure framework: a study of the top 20 US MSAs

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  • Sungyup Chung

    () (Bank of Korea
    University of Illinois)

Abstract

Dating the regional business cycle phases using a multi-level Markov-switching model revealed that the regional cycle phase transition probability depends on the national cycle phase, although the propagation speed of the national phase into a regional cycle varies across the regions. The estimation of the national factor loadings on regional economies showed that the response of a regional economy to a national impact is mostly greater during a national contraction phase.

Suggested Citation

  • Sungyup Chung, 2016. "Assessing the regional business cycle asymmetry in a multi-level structure framework: a study of the top 20 US MSAs," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 56(1), pages 229-252, January.
    • Handle: RePEc:spr:anresc:v:56:y:2016:i:1:d:10.1007_s00168-015-0732-7
    DOI: 10.1007/s00168-015-0732-7
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    References listed on IDEAS

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    Citations

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    Cited by:

    1. Ana Gómez-Loscos & M. Dolores Gadea & Eduardo Bandres, 2020. "Business cycle patterns in European regions," Empirical Economics, Springer, vol. 59(6), pages 2639-2661, December.
    2. Gomez-Loscos, Ana & Gadea, M. Dolores & Bandres, Eduardo, 2018. "Business cycle patterns in European regions," MPRA Paper 83964, University Library of Munich, Germany.
    3. Blanco, Emilio & Elosegui, Pedro & Izaguirre, Alejandro & Montes-Rojas, Gabriel, 2019. "Regional and state heterogeneity of monetary shocks in Argentina," The Journal of Economic Asymmetries, Elsevier, vol. 20(C).
    4. Emilio Blanco & Pedro Elosegui & Alejandro Izaguirre & Gabriel Montes Rojas, "undated". "Regional and State Heterogeneity of Monetary Shocks in Argentina," Documentos de trabajo del Instituto Interdisciplinario de Economía Política (IIEP-BAIRES) 2019-39, Universidad de Buenos Aires, Facultad de Ciencias Económicas, Instituto Interdisciplinario de Economía Política (IIEP-BAIRES).
    5. Makoto Muto & Tamotsu Onozaki & Yoshitaka Saiki, 2020. "Synchronization of Prefectural Business Cycles in Japan 1978-2018," Papers 2010.08835, arXiv.org.

    More about this item

    Keywords

    C11; C13; O18; R11;

    JEL classification:

    • C11 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Bayesian Analysis: General
    • C13 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Estimation: General
    • O18 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Urban, Rural, Regional, and Transportation Analysis; Housing; Infrastructure
    • R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes

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