Assessing the regional business cycle asymmetry in a multi-level structure framework: a study of the top 20 US MSAs

Impacts of Neighbors on Local Tax Rates: A Space–Time Dynamic Panel Data Analysis

“…In the current case, tax mimicking often involves interactions with communities of similar sizes that may not be spatially contiguous. This is an issue that Braid (2013) has explored in the context of fiscal interactions while Chung (2016) and Chung and Hewings (2015) have examined vertical dependencies in the context of regional business cycles. There is a further possibility that, over time, the nature and strength of spatial dependence may change.…”

Business cycle patterns in European regions

“…Chung (2016) finds more coordination during periods of recession for the US states. Also for the US states and cities,Owyang et al (2005 and further investigate the determinants of the average growth rates of the two cyclical phases 18.…”

“…On the temporal dimension, the existing literature only covers the period prior to the Great Recession and the sovereign debt crisis, two events that may have significantly changed business cycle synchronization in Europe. 5 In this paper, we fill this gap by analyzing the evolution of regional business cycles in Europe and the comovements among them for a longer period, covering both events. On the geographical dimension, in this paper, we work with 213 NUTS 2 regions.…”

“…Second, interestingly, we find a progressive increase of summary measures of correlation during the convergence process towards the creation of the euro area and a sharp 4 Applied to the US states, Hamilton and Owyang (2012) develop a framework for inferring common Markovswitching components in a panel data set with large cross-sectional and time-series dimensions and Owyang et al (2005) apply a regime-switching model to state-level coincident indices to characterize state business cycles. 5 The Great Recession was very costly in terms of wealth due to its severity, its duration and the fact that it was global. The severity of this episode, together with the subsequent slow pace of the recovery, has rekindled interest in business cycle analysis.…”

Nowcasting Using Mixed Frequency Methods: An Application to the Scottish Economy

“…There is some work on developing indicators which can provide timely warnings of recession. For instance, Chung & Hewings (2014) develop an intuitive and timely measure of the probability that particular regional economies within the US will enter recession. These probabilities are contingent on the performance of the aggregate national economy, and in this sense includes the idea of regional economies being nested within national economies.…”