Intranational Business Cycles in the United States
Document Type
Article
Department
Economics (CMC)
Publication Date
1998
Abstract
We established a comprehensive set of stylized facts for intranational business cycles across states and regions in the U.S. Notable findings are that the cross correlations of our consumption measure is much less than that for output, and the volatility of the real exchange rate between states is much less than that for output. These findings are contrasted with the quantity and price “anomalies” found in international business cycle data. Additional results for labour and non-labour earnings suggest that the observed amount of intratemporal risk sharing is quite limited as compared to that for intertemporal risk sharing.
Rights Information
© 1998 Elsevier Science B.V.
Terms of Use & License Information
DOI
10.1016/S0022-1996(97)00032-9
Recommended Citation
Gregory D Hess, Kwanho Shin, Intranational business cycles in the United States, Journal of International Economics, Volume 44, Issue 2, 1 April 1998, Pages 289-313, ISSN 0022-1996, 10.1016/S0022-1996(97)00032-9. (http://www.sciencedirect.com/science/article/pii/S0022199697000329)
