Assessing the regional business cycle asymmetry in a multi-level structure framework: a study of the top 20 US MSAs

Sungyup Chung ()
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Sungyup Chung: Bank of Korea

The Annals of Regional Science, 2016, vol. 56, issue 1, No 11, 229-252

Abstract: Abstract Dating the regional business cycle phases using a multi-level Markov-switching model revealed that the regional cycle phase transition probability depends on the national cycle phase, although the propagation speed of the national phase into a regional cycle varies across the regions. The estimation of the national factor loadings on regional economies showed that the response of a regional economy to a national impact is mostly greater during a national contraction phase.

Keywords: C11; C13; O18; R11 (search for similar items in EconPapers)
Date: 2016
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DOI: 10.1007/s00168-015-0732-7

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