Aggregate and regional disaggregate fluctuations

Danny Quah

LSE Research Online Documents on Economics from London School of Economics and Political Science, LSE Library

Abstract: This paper models uctuations in regional disaggregates as a nonsta- tionary, dynamically evolving distribution. Doing so enables study of the dynamics of aggregate uctuations jointly with those of the rich cross-section of regional disaggregates. For the US, the leading state| regardless of which it happens to be|contains strong predictive power for aggregate uctuations. This eect is dicult to understand if only ag- gregate disturbances aect 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)
Pages: 39 pages
Date: 1996-02
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (33)

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Persistent link: https://EconPapers.repec.org/RePEc:ehl:lserod:2081

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