Aggregate and Regional Disaggregate Fluctuations

Danny Quah ()

No 1236, CEPR Discussion Papers from Centre for Economic Policy Research

Abstract: This paper models fluctuations in regional disaggregates as a non-stationary, dynamically evolving distribution. Doing so enables the study of the dynamics of aggregate fluctuations jointly with those of the rich cross-section of regional disaggregates. For the United States, the leading state (regardless of which it happens to be) contains strong predictive power for aggregate fluctuations. This effect is difficult to understand if only aggregate disturbances affect aggregate business cycles through aggregate propagation mechanisms. Instead, a better picture might be one of a `wave' of regional dynamics, rippling across the national economy.

Keywords: Aggregate Disturbance; Business Cycle; Distribution Dynamics; Regional Fluctuation; Stochastic Kernel (search for similar items in EconPapers)
JEL-codes: C32 C33 E32 (search for similar items in EconPapers)
Date: 1995-09
References: Add references at CitEc
Citations: View citations in EconPapers (6)

Downloads: (external link)
http://www.cepr.org/active/publications/discussion_papers/dp.php?dpno=1236 (application/pdf)

Related works:
Journal Article: Aggregate and Regional Disaggregate Fluctuations (1996)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cpr:ceprdp:1236

Ordering information: This working paper can be ordered from
http://www.cepr.org/ ... ers/dp.php?dpno=1236

Access Statistics for this paper

More papers in CEPR Discussion Papers from Centre for Economic Policy Research 33 Great Sutton Street, London EC1V 0DX, UK.
Bibliographic data for series maintained by CEPR ().