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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.

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  • 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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    More about this item

    Keywords

    C11; C13; O18; R11;
    All these keywords.

    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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