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Autoren: 
Del Negro, Marco
Datum: 
2000
Reihe/Nr.: 
Working Paper 2000-27
Zusammenfassung: 
This paper applies a factor model to the study of risk sharing among U.S. states. The factor model makes it possible to disentangle movements in output and consumption due to national, regional, or state-specific business cycles from those due to measurement error. The results of the paper suggest that some findings of the previous literature which indicate a substantial amount of interstate risk sharing may be due to the presence of measurement error in output. When measurement error is properly taken into account, the evidence points towards a lack of interstate smoothing.
Schlagwörter: 
Consumption (Economics)
Business cycles
Dokumentart: 
Working Paper

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