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TitleOptimum currency area and business cycle synchronization across U.S. States
Author(s)Conraria, Luís Aguiar
Brinca, Pedro
Haukur, Viðar Guðjónsson
Soares, M. J.
KeywordsOptimum currency areas
Business cycle synchronization
Continuous wavelet transform
Issue dateFeb-2015
PublisherUniversidade do Minho. Núcleo de Investigação em Políticas Económicas (NIPE)
Abstract(s)We use wavelet analysis to investigate to what extent individual U.S. states' business cycles are synchronized. The results show that the U.S. states are remarkably well synchronized compared to the previous findings w.r.t. the Euro Area. There is also 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. Finally we show that a higher degree of industry specialization is associated with a higher dissimilitude of the state cycle with the aggregate economy
TypeWorking paper
Publisher version
AccessOpen access
Appears in Collections:DMA - Outros trabalhos de investigação
NIPE - Documentos de Trabalho

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