A STATE-LEVEL ANALYSIS OF BUSINESS CYCLE ASYMMETRY
Article first published online: 22 DEC 2010
© 2010 The Authors. Bulletin of Economic Research © 2010 Blackwell Publishing Ltd and the Board of Trustees of the Bulletin of Economic Research.
Bulletin of Economic Research
Volume 64, Issue 3, pages 367–376, July 2012
How to Cite
Ewing, B. T. and Thompson, M. A. (2012), A STATE-LEVEL ANALYSIS OF BUSINESS CYCLE ASYMMETRY. Bulletin of Economic Research, 64: 367–376. doi: 10.1111/j.1467-8586.2010.00365.x
- Issue published online: 3 JUL 2012
- Article first published online: 22 DEC 2010
- business cycles;
- US states
This paper provides a comprehensive examination of asymmetry in US state-level business cycles. We consider two different types of asymmetry in the adjustment process of a stationary time series: deepness and steepness. The data used in the study are a comparable set of state-level coincident indexes (SCIs) developed by the Federal Reserve Bank of Philadelphia. Specifically, results from using the momentum-threshold autoregressive model provide evidence of asymmetry in the growth rate of 23 SCIs as well as the equivalent national coincident index.