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Business cycle synchronization across US states
Stockholm University, Faculty of Social Sciences, Department of Economics.
Number of Authors: 4
2017 (English)In: The B.E. Journal of Macroeconomics, ISSN 1935-1690, E-ISSN 1935-1690, Vol. 17, no 1, article id 20150158Article in journal (Refereed) Published
Abstract [en]

We use wavelet analysis to conclude that individual U.S. states' business cycles are very well synchronized. We also find evidence of a strong and significant correlation between business cycle dissimilitudes and the distance between each pair of states, consistent to gravity type mechanisms where distance affects trade. Trade, in turn, increases business cycle synchronization, while a higher degree of industry specialization is associated with a higher dissimilitude of the state cycle with the aggregate economy. Finally, there is evidence that business cycle dissimilitudes have been decreasing with time, consistent with the previous findings coupled with the idea that information and communications technology make distances smaller.

Place, publisher, year, edition, pages
2017. Vol. 17, no 1, article id 20150158
Keyword [en]
business cycle synchronization, continuous wavelet transform, trade
National Category
Economics and Business
Identifiers
URN: urn:nbn:se:su:diva-141240DOI: 10.1515/bejm-2015-0158ISI: 000396507300002OAI: oai:DiVA.org:su-141240DiVA, id: diva2:1089018
Available from: 2017-04-18 Created: 2017-04-18 Last updated: 2017-11-29Bibliographically approved

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