This paper examines house price diffusion across metropolitan areas in the United States. We develop a generalization of the Hamilton and Owyang (2012) Markov-switching model, where we incorporate direct regional spillovers using a spatial weighting matrix. The Markov-switching framework allows...

We study the comovement of international business cycles in a time series clustering model with regime-switching. We extend the framework of Hamilton and Owyang (2012) to include time-varying transition probabilities to determine what drives similarities in business cycle turning points. We find...

This paper presents a meta-analysis of the "cluster literature" contained in scientific journals from 1969 to 2007. Thanks to an original database we study the evolution of a stream of literature which focuses on a research object which is both a theoretical puzzle and an empirical widespread...