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Title:Common and spatial drivers in regional business cycles PDF Logo
Authors:Artis, Michael J.
Dreger, Christian
Kholodilin, Konstantin Arkadievich
Issue Date:2009
Series/Report no.:Discussion papers // German Institute for Economic Research 859
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 a 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 convergence does not seem to be an impediment to a common monetary policy.
Subjects:Business cycle convergence
spatial correlation
spatial panel model
JEL:E32
C51
E37
Document Type:Working Paper
Appears in Collections:Publikationen von Forscherinnen und Forschern des DIW
DIW-Diskussionspapiere

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