The present paper discourses on how European integration and gradual enlargement has affected the synchronicity in business cycles in EU regions. The analysis, which is conducted on annual data at the NUTSII level, is based on the following grounds: First, it examines the degree of synchronicity...

We show that in a model with equity and debt financing, the specfication of the borrowing constraint is crucial to generate empirically plausible responses of macro variables and asset prices to financial shocks. The interaction between financial frictions and labor demand, as in Jermann and...

Die Studie untersucht Veränderungen der Arbeitslosenquote in westdeutschen Kreisen im Zeitraum 1992-2004 mit Hilfe der Chain Reaction Theory of unemployment (CRT). Die Schätzungen zeigen, dass sowohl Anpassungsprozesse als auch exogene Schocks für die Veränderungen verantwortlich waren....

We examine the role of democracy shocks in the cross-country economic growth processes over a period of five decades since 1960. The recent uprisings that arose independently and spread across the Arab world form the main context of our investigation. We study if (i) a shock to democracy in one...

This paper studies regional output asymmetries following U.S. federal tax shocks. We estimate a vector autoregressive model for each U.S. state, utilizing the exogenous tax shock series recently proposed by Romer and Romer (2010) and find considerable variations: estimated output multipliers lie...

This paper studies regional output asymmetries following U.S. federal tax shocks. We estimate a vector autoregressive model for each U.S. state, utilizing the exogenous tax shock series recently proposed by Romer and Romer (2010) and find considerable variations: estimated output multipliers lie...

The extent to which exogenous international agricultural price fluctuations are internalized by rural communities is of major interest for policy-makers concerned with regional economic performance. So too is the link between rural sector performance and urban outcomes, especially in...

The objective of this paper is to explore the transmission of non-bank capital shocks through banking networks. We develop a methodology to construct non-bank capital shocks, idiosyncratic shocks, using labor productivity shocks to large firms. We document a change in the relationship between...

We place regional industry structures at centre stage in currency union analysis, decomposing differences between regional and aggregate cycles into industry structure and industry cycle effects. The industry structure effect indicates whether a region's industry structure causes its cycle to...

The resilience of regional industries to economic shocks has gained a lot of attention in evolutionary economic geography recently. This paper uses a novel quantitative approach to investigate the regional industrial resilience of the Danish ICT sector to the shock following the burst of the...