Optimum currency area and business cycle synchronization across U.S. States

Detalhes bibliográficos
Autor(a) principal: Conraria, Luís Aguiar
Data de Publicação: 2015
Outros Autores: Brinca, Pedro, Haukur, Viðar Guðjónsson, Soares, M. J.
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/1822/33898
Resumo: We use wavelet analysis to investigate to what extent individual U.S. states' business cycles are synchronized. The results show that the U.S. states are remarkably well synchronized compared to the previous findings w.r.t. the Euro Area. There is also a strong and significant correlation between business cycle dissimilitudes and the distance between each pair of states, consistent to gravity type mechanisms where distance affects trade. Trade, in turn, increases business cycle synchronization. Finally we show that a higher degree of industry specialization is associated with a higher dissimilitude of the state cycle with the aggregate economy
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spelling Optimum currency area and business cycle synchronization across U.S. StatesOptimum currency areasBusiness cycle synchronizationContinuous wavelet transformTradeCiências Sociais::Economia e GestãoWe use wavelet analysis to investigate to what extent individual U.S. states' business cycles are synchronized. The results show that the U.S. states are remarkably well synchronized compared to the previous findings w.r.t. the Euro Area. There is also a strong and significant correlation between business cycle dissimilitudes and the distance between each pair of states, consistent to gravity type mechanisms where distance affects trade. Trade, in turn, increases business cycle synchronization. Finally we show that a higher degree of industry specialization is associated with a higher dissimilitude of the state cycle with the aggregate economyCOMPETEQRENFEDERFundação para a Ciência e a Tecnologia (FCT)Universidade do Minho. Núcleo de Investigação em Políticas Económicas (NIPE)Universidade do MinhoConraria, Luís AguiarBrinca, PedroHaukur, Viðar GuðjónssonSoares, M. J.2015-022015-02-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/1822/33898enghttp://www.nipe.eeg.uminho.pt/Uploads/WP_2015/NIPE_WP_01_2015.pdfinfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-07-21T12:54:24Zoai:repositorium.sdum.uminho.pt:1822/33898Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T19:53:56.040201Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv Optimum currency area and business cycle synchronization across U.S. States
title Optimum currency area and business cycle synchronization across U.S. States
spellingShingle Optimum currency area and business cycle synchronization across U.S. States
Conraria, Luís Aguiar
Optimum currency areas
Business cycle synchronization
Continuous wavelet transform
Trade
Ciências Sociais::Economia e Gestão
title_short Optimum currency area and business cycle synchronization across U.S. States
title_full Optimum currency area and business cycle synchronization across U.S. States
title_fullStr Optimum currency area and business cycle synchronization across U.S. States
title_full_unstemmed Optimum currency area and business cycle synchronization across U.S. States
title_sort Optimum currency area and business cycle synchronization across U.S. States
author Conraria, Luís Aguiar
author_facet Conraria, Luís Aguiar
Brinca, Pedro
Haukur, Viðar Guðjónsson
Soares, M. J.
author_role author
author2 Brinca, Pedro
Haukur, Viðar Guðjónsson
Soares, M. J.
author2_role author
author
author
dc.contributor.none.fl_str_mv Universidade do Minho
dc.contributor.author.fl_str_mv Conraria, Luís Aguiar
Brinca, Pedro
Haukur, Viðar Guðjónsson
Soares, M. J.
dc.subject.por.fl_str_mv Optimum currency areas
Business cycle synchronization
Continuous wavelet transform
Trade
Ciências Sociais::Economia e Gestão
topic Optimum currency areas
Business cycle synchronization
Continuous wavelet transform
Trade
Ciências Sociais::Economia e Gestão
description We use wavelet analysis to investigate to what extent individual U.S. states' business cycles are synchronized. The results show that the U.S. states are remarkably well synchronized compared to the previous findings w.r.t. the Euro Area. There is also a strong and significant correlation between business cycle dissimilitudes and the distance between each pair of states, consistent to gravity type mechanisms where distance affects trade. Trade, in turn, increases business cycle synchronization. Finally we show that a higher degree of industry specialization is associated with a higher dissimilitude of the state cycle with the aggregate economy
publishDate 2015
dc.date.none.fl_str_mv 2015-02
2015-02-01T00:00:00Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/1822/33898
url http://hdl.handle.net/1822/33898
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv http://www.nipe.eeg.uminho.pt/Uploads/WP_2015/NIPE_WP_01_2015.pdf
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Universidade do Minho. Núcleo de Investigação em Políticas Económicas (NIPE)
publisher.none.fl_str_mv Universidade do Minho. Núcleo de Investigação em Políticas Económicas (NIPE)
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
institution RCAAP
reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
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