The propagation of regional recessions
By: James D. Hamilton, Michael T. Owyang
Contributors: Owyang, Michael T.; National Bureau of Economic Research
Series: NBER working paper series -- working paper 16657; Working paper series (National Bureau of Economic Research : Online) -- working paper no. 16657.
Publisher: National Bureau of Economic Research
Published: 2011
Place of publication: Cambridge, MA
Language: eng
Format: [electronic resource] /
Description: "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"--National Bureau of Economic Research web site.
Notes: Title from PDF file as viewed on 4/12/2011.

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