This paper presents a variance decomposition method - factor analysis with Procrustes rotation - that is capable of separating the global, regional and idiosyncratic components of various financial market indicators. The method is applied to indicators of five key financial markets: sovereign...

This paper examines the long-run trends in per-capita income across the US states (1929-2005). Our analysis advocates and implements a Vector Error Correction Model (VECM), in order to investigate whether disparities in per-capita income embody a stable long-run relation. The empirical...

We propose a Bayesian factor analysis model to rank the health of localities. Mortality and morbidity variables empirically contribute to the resulting rank, and population and spatial correlation are incorporated into a measure of uncertainty. We use county-level data from Texas and Wisconsin...