Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/128941 
Year of Publication: 
2011
Series/Report no.: 
WIFO Working Papers No. 390
Publisher: 
Austrian Institute of Economic Research (WIFO), Vienna
Abstract: 
This paper sets out a comprehensive framework to identify regional business cycles within Spain and analyses their stylised features and the degree of synchronisation among them and the Spanish economy. We show that the regional cycles are quite heterogeneous although they display some degree of synchronisation that can be partially explained using macroeconomic variables. We also propose a dynamic factor model to cluster the regional co-movements and test if the country cycle is simply the aggregation of the regional ones. We find that the Spanish business cycle is not shared by the 17 regions, but is the sum of the different regional behaviours. The implications derived from our results are useful both for policy makers and analysts.
Subjects: 
Business Cycle
Synchronisation measures
Dynamic factor models
Document Type: 
Working Paper

Files in This Item:
File
Size
685.33 kB





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.