Journal Article
Understanding U.S. regional cyclical comovement: How important are spillovers and common shocks?
Abstract: This article develops a statistical model to study the business cycles of the eight U.S. Bureau of Economic Analysis regions. The author shows that the high level of cyclical comovement among per capita incomes of U.S. regions is the byproduct of common shocks to the regions rather than shocks that originate in one region and subsequently spill over to other regions.
Keywords: Business cycles; Income;
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Bibliographic Information
Provider: Federal Reserve Bank of Chicago
Part of Series: Economic Perspectives
Publication Date: 2002
Volume: 26
Issue: Q IV
Pages: 30-41