Owyang, Michael T.; Rapach, David E.; Wall, Howard J. - Federal Reserve Bank of St. Louis - 2008
We model the U.S. business cycle using a dynamic factor model that identifies common factors underlying fluctuations in … factor loadings that indicate the extent to which each state’s business cycle is related to the national business cycle …-level business cycles, although there is a great deal of cross-state heterogeneity. …