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Common and Spatial Drivers in Regional Business Cycles

Michael Artis, Christian Dreger and Konstantin Kholodilin ()

SERC Discussion Papers from Centre for Economic Performance, LSE

Abstract: We examine real business cycle convergence for 41 euro area regions and 48 US states.Results obtained by a panel model with spatial correlation indicate that the relevance ofcommon business cycle factors is rather stable over the past two decades in the euro area andthe US. Ongoing business cycle convergence often detected in cross-country data is notconfirmed at the regional level. The degree of synchronization across the euro area is similarto that to be found for the US states. Thus, the lack of convergence does not seem to be animpediment to a common monetary policy.

Keywords: Business cycle convergence; spatial correlation; spatial panel model (search for similar items in EconPapers)
JEL-codes: C51 E32 E37 (search for similar items in EconPapers)
Date: 2009-04
New Economics Papers: this item is included in nep-cba, nep-eec, nep-geo, nep-mac and nep-ure
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (5)

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http://cep.lse.ac.uk/pubs/download/sercdp0022.pdf (application/pdf)

Related works:
Working Paper: Common and Spatial Drivers in Regional Business Cycles (2009) Downloads
Working Paper: Common and Spatial Drivers in Regional Business Cycles (2009) Downloads
Working Paper: Common and spatial drivers in regional business cycles (2009) Downloads
Working Paper: Common and spatial drivers in regional business cycles (2009) Downloads
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