Understanding U.S. Regional Cyclical Comovement: How Important Are Spillovers and Common Shocks?

Michael A. Kouparitsas

15 citations0/0 files storedRePEc: Research Papers in Economics

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Monetary Policy and Economic Impact Global Financial Crisis and Policies Regional Economic and Spatial Analysis

Abstract

This article develops a statistical model to study the business cycles of the eight U.S. Bureau of Economic Analysis regions. The author shows that the high level of cyclical comovement among per capita incomes of U.S. regions is the byproduct of common shocks to the regions rather than shocks that originate in one region and subsequently spill over to other regions.

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References

1961A Theory of Optimum Currency Areas 1999Measuring Business Cycles: Approximate Band-Pass Filters for Economic Time Series 2000Does the “New Economy” Measure up to the Great Inventions of the Past?1986Univariate detrending methods with stochastic trends 1998The Differential Regional Effects of Monetary Policy 1999Regional Employment Growth and the Business Cycle

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2019Estimating the U.S. output gap with state‐level data 2020China’s business cycles at the provincial level: National synchronization, interregional coordination and provincial idiosyncrasy

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