The Geography of the Great Recession

Alessandra Fogli, Enoch Hill and Fabrizio Perri

No 18447, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: This paper documents, using county level data, some geographical features of the US business cycle over the past 30 years, with particular focus on the Great Recession. It shows that county level unemployment rates are spatially dispersed and spatially correlated, and documents how these characteristics evolve during recessions. It then shows that some of these features of county data can be generated by a model which includes simple channels of transmission of economic conditions from a county to its neighbors. The model suggests that these local channels are quantitatively important for the amplification/muting of aggregate shocks.

JEL-codes: E32 R12 (search for similar items in EconPapers)
Date: 2012-10
New Economics Papers: this item is included in nep-geo, nep-mac and nep-ure
Note: EFG
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Citations: View citations in EconPapers (12)

Published as Alessandra Fogli & Enoch Hill & Fabrizio Perri, 2013. "The Geography of the Great Recession," NBER International Seminar on Macroeconomics, University of Chicago Press, vol. 9(1), pages 305 - 331.
Published as The Geography of the Great Recession , Alessandra Fogli, Enoch Hill, Fabrizio Perri. in NBER International Seminar on Macroeconomics 2012 , Giavazzi and West. 2013

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Related works:
Journal Article: The Geography of the Great Recession (2013)
Working Paper: The Geography of the Great Recession (2013)
Chapter: The Geography of the Great Recession (2012)
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