The Heterogeneous Effects of Global and National Business Cycles on Employment in U.S. States and Metropolitan Areas
Janet Koech and
Mark Wynne ()
No 343, Globalization Institute Working Papers from Federal Reserve Bank of Dallas
The growth of globalization in recent decades has increased the importance of external factors as drivers of the business cycle in many countries. Globalization affects countries not just at the macro level but at the level of states and metro areas as well. This paper isolates the relative importance of global, national and region-specific shocks as drivers of the business cycle in individual U.S. states and metro areas. We document significant heterogeneity in the sensitivity of states and metro areas to global shocks, and show that direct trade linkages are not the only channel through which the global business cycle impacts regional economies.
Keywords: Global and regional business cycles; U.S. state and metro employment fluctuations; Global VAR (GVAR) approach (search for similar items in EconPapers)
JEL-codes: E24 E32 F62 F66 (search for similar items in EconPapers)
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