Carlino, Gerald; Sill, Keith - Federal Reserve Bank of Philadelphia - 1998
This paper examines the cyclical dynamics of per capita personal income for the major U.S. regions during the 1953 … sources underlying differences in regional cycles are explored, such as the share of a region's income accounted for by … manufacturing, defense spending as a proportion of a region's income, oil price shocks, and the stance of monetary policy. Somewhat …