Cycles Inside Cycles. Spanish Regional Aggregation

Arbeitspapier

This paper sets out a comprehensive framework to identify regional business cycles within Spain and analyses their stylised features and the degree of synchronisation among them and the Spanish economy. We show that the regional cycles are quite heterogeneous although they display some degree of synchronisation that can be partially explained using macroeconomic variables. We also propose a dynamic factor model to cluster the regional co-movements and test if the country cycle is simply the aggregation of the regional ones. We find that the Spanish business cycle is not shared by the 17 regions, but is the sum of the different regional behaviours. The implications derived from our results are useful both for policy makers and analysts.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: WIFO Working Papers ; No. 390

Classification and Topics

• Classification: Wirtschaft
• Subject: Business Cycle ; Synchronisation measures ; Dynamic factor models ; Regionale Konjunktur ; Konjunkturzusammenhang ; Regionalpolitik ; Spanien

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Gadea, Maria Dolores ; Gomez Loscos, Ana ; Montañes, Antonio
• Event: Veröffentlichung
• (who): Austrian Institute of Economic Research (WIFO)
• (where): Vienna
• (when): 2011

Further information

• Handle: http://hdl.handle.net/10419/128941
• Last update: 10.03.2025, 11:43 AM CET