Intranational business cycles in the United States

• 成果类型: Article
• 署名作者: Hess, GD; Shin, K
• 署名单位: University of Cambridge; University of Kansas
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/S0022-1996(97)00032-9
• 发表日期: 1998
• 页码: 289-313
• 关键词: open economy RBC models; risk sharing; price and quantity anomalies

摘要

We established a comprehensive set of stylized facts for intranational business cycles across states and regions in the U.S. Notable findings are that the cross correlations of our consumption measure is much less than that for output, and the volatility of the real exchange rate between states is much less than that for output. These findings are contrasted with the quantity and price anomalies found in international business cycle data. Additional results for labour and non-labour earnings suggest that the observed amount of intratemporal risk sharing is quite limited as compared to that for intertemporal risk sharing. (C) 1998 Elsevier Science B.V.