In this article we investigate the correlation between growth rates of revenues across different industries linked to the phases of the business cycle over a 40-year period. Using a large sample of quarterly firm revenues aggregated to industry revenues, we find that correlations of revenue...

This paper explores the factors behind the time path of real spending and revenue in the West German states from 1975 to 2004. The empirical approach stresses robustness and takes into account a large set of economic and political variables. Our results suggest that common economic factors and,...