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TitleBusiness cycle synchronization across US states
Author(s)Aguiar-Conraria, Luís
Brinca, Pedro
Gudjonsson, Haukur Vidar
Soares, M. J.
KeywordsBusiness cycle synchronization
Continuous wavelet transform
Issue date2017
PublisherWalter de Gruyter GmbH
JournalB.E. Journal of Macroeconomics
Abstract(s)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.
AccessRestricted access (UMinho)
Appears in Collections:DMA - Artigos (Papers)
NIPE - Artigos em Revistas de Circulação Internacional com Arbitragem Científica

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