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Business cycle synchronization among the US states: spatial effects and regional determinants
- Source :
- Spatial Economic Analysis. 16:397-415
- Publication Year :
- 2021
- Publisher :
- Informa UK Limited, 2021.
-
Abstract
- This paper investigates the extent and determinants of business cycle synchronization among the US states during the period 2002–11. Phase synchronization is not measured based on one national reference series, but rather is assessed using pairwise synchronization indicators computed over the business cycles of all US state pairs. The analysis is based on a natural and intuitive measure of synchronization: the fraction of observations when the cyclical phase is the same for both states in each state pair. Synchronization indicators have a spatially correlated structure. The economic determinants of synchronization are studied using spatial econometric models. Business cycles are more synchronized between those states characterized by strong commercial links and a similar structure in terms of industrialization, labour market characteristics and openness.
- Subjects :
- 05 social sciences
Geography, Planning and Development
0211 other engineering and technologies
021107 urban & regional planning
02 engineering and technology
Business cycle synchronization
Phase synchronization
Gravity models
Spatial models
0502 economics and business
Earth and Planetary Sciences (miscellaneous)
Econometrics
Regional business cycle
Business
050207 economics
Statistics, Probability and Uncertainty
Regional business cycle, Business cycle synchronization, Spatial models, Gravity models
General Economics, Econometrics and Finance
Period (music)
Subjects
Details
- ISSN :
- 17421780 and 17421772
- Volume :
- 16
- Database :
- OpenAIRE
- Journal :
- Spatial Economic Analysis
- Accession number :
- edsair.doi.dedup.....9fa5a294f23bb121a422ba59b88754ca