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Common and spatial drivers in regional business cycles

Michael Artis, Christian Dreger () and Konstantin Kholodilin ()

Centre for Growth and Business Cycle Research Discussion Paper Series from Economics, The University of Manchester

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 of common business cycle factors is rather stable over the past two decades in the euro area and the US. Ongoing business cycle convergence often detected in cross-country data is not confirmed at the regional level. The degree of synchronization across the euro area is similar to that to be found for the US states. Thus, the lack of conver-gence does not seem to be an impediment to a common monetary policy.

Pages: 13 pages
Date: 2009
New Economics Papers: this item is included in nep-cba, nep-eec and nep-mac
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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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