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来源类型Working Paper
规范类型报告
DOI10.3386/w6180
来源IDWorking Paper 6180
Geographical and Sectoral Shocks in the U.S. Business Cycle
Atish R. Ghosh; Holger C. Wolf
发表日期1997-09-01
出版年1997
语种英语
摘要We examine whether the aggregate U.S. business cycle is driven mainly by geographical" shocks (affecting all sectors within a state), or by sectoral shocks (affecting the same sector in all" states). We find that, at the level of an individual sector in an individual state growth are driven by the sector, not by the state: textiles in Texas moves more with textiles" elsewhere in the U.S. than with other sectors in Texas. But shocks to sector growth rates exhibit" a lower correlation across sectors compared to the correlation of shocks to state growth rates" across states. As a result, geographical shocks gain greater importance at higher levels of" aggregation. Finally, we find that changes in the volatility of the aggregate U.S. business cycle" reflect, to a roughly comparable degree, both changes in the volatility of state and sector business" cycles, and changes in their correlation across sectors and states.
主题Macroeconomics ; Business Cycles
URLhttps://www.nber.org/papers/w6180
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/563688
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Atish R. Ghosh,Holger C. Wolf. Geographical and Sectoral Shocks in the U.S. Business Cycle. 1997.
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