Intranational business cycles in the United States

Gregory D. Hess, Kwanho Shin

Research output: Contribution to journalArticle

35 Citations (Scopus)

Abstract

We established a comprehensive set of stylized facts for intranational business cycles across states and regions in the U.S. Notable findings are that the cross correlations of our consumption measure is much less than that for output, and the volatility of the real exchange rate between states is much less than that for output. These findings are contrasted with the quantity and price "anomalies" found in international business cycle data. Additional results for labour and non-labour earnings suggest that the observed amount of intratemporal risk sharing is quite limited as compared to that for intertemporal risk sharing.

Original languageEnglish
Pages (from-to)289-313
Number of pages25
JournalJournal of International Economics
Volume44
Issue number2
Publication statusPublished - 1998 Apr 1
Externally publishedYes

Fingerprint

Business cycles
Risk sharing
Labor
Real exchange rate
International business cycles
Stylized facts
Cross-correlation
Anomaly

Keywords

  • Open Economy RBC models
  • Price and quantity anomalies
  • Risk sharing

ASJC Scopus subject areas

  • Economics and Econometrics
  • Finance

Cite this

Intranational business cycles in the United States. / Hess, Gregory D.; Shin, Kwanho.

In: Journal of International Economics, Vol. 44, No. 2, 01.04.1998, p. 289-313.

Research output: Contribution to journalArticle

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