English, Article, Journal or magazine article edition: The propagation of regional recessions James D. Hamilton; Michael T. Owyang

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Bookmark: http://trove.nla.gov.au/version/156651
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • The propagation of regional recessions
Author
  • James D. Hamilton
  • Michael T. Owyang
Physical Description
  • preprint
Notes
  • This paper develops a framework for inferring common Markov-switching components in a panel data set with large cross-section and time-series dimensions. We apply the framework to studying similarities and differences across U.S. states in the timing of business cycles. We hypothesize that there exists a small number of cluster designations, with individual states in a given cluster sharing certain business cycle characteristics. We find that although oil-producing and agricultural states can sometimes experience a separate recession from the rest of the United States, for the most part, differences across states appear to be a matter of timing, with some states entering recession or recovering before others.
  • Business cycles ; Recessions
  • RePEc:fip:fedlwp:2009-013
Language
  • English
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