Asymmetric shocks among US states

• 成果类型: Article
• 署名作者: Del Negro, M
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - Atlanta
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/S0022-1996(01)00127-1
• 发表日期: 2002
• 页码: 273-297
• 关键词: intranational business cycles; risk sharing; factor models

摘要

The 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 inter-state 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 inter-state smoothing. Published by Elsevier Science B.V.