This paper documents, using county level data, some geographical features of the US business cycle over the past 30 years, with particular focus on the Great Recession. It shows that county level unemployment rates are spatially dispersed and spatially correlated, and documents how these...

We document that the co-movement of inflation and domestic consumption growth fluctuates over time. We argue that the co-movement of inflation and domestic consumption growth affects debt pricing and debt dynamics. In particular, a positive co-movement of inflation and consumption makes returns...