{"id":114988,"date":"2024-01-22T19:08:16","date_gmt":"2024-01-22T18:08:16","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/114988\/"},"modified":"2024-11-18T13:20:23","modified_gmt":"2024-11-18T12:20:23","slug":"cycles-inside-cycles-spanish-regional-aggregation","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/114988\/","title":{"rendered":"Cycles Inside Cycles. Spanish Regional Aggregation"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-114988","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"This paper sets out a comprehensive framework to identify regional business cycles within Spain and analyses their stylised features and the degree of synchronisation among them and the Spanish economy. We show that the regional cycles are quite heterogeneous although they display some degree of synchronisation that can be partially explained using macroeconomic variables. We also propose a dynamic factor model to cluster the regional co-movements and test if the country cycle is simply the aggregation of the regional ones. We find that the Spanish business cycle is not shared by the 17 regions, but is the sum of the different regional behaviours. The implications derived from our results are useful both for policy makers and analysts.","onlinedate":"2011-03-01 01:00:00","lang":"English","publication_series":"","publication_date":"20110201","publication_date_year":"","publication_date_full":false,"publication_num_pages":"54","keywords":"[\"Business Cycle. Synchronisation measures. Dynamic factor models\"]","jelcodes":"[]","related_publications":"[]","pdf":416446,"zip":null,"link":"","monthly_report":true,"monthly_report_main":false,"monthly_report_volume":"","monthly_report_pages":"","monthly_report_pages_sort":"0","issue":"390","journal":"WIFO Working Papers","publisher":"","invisible":false,"external":false,"embargo_date":null,"types":[44410],"research_groups":[3481],"collaboration":"","persons":[11197,11195,11205],"persons_data":"[{\"personId\":11197,\"personName\":\"Maria Dolores Gadea\",\"organisationNames\":[]},{\"personId\":11195,\"personName\":\"Ana Gomez Loscos\",\"organisationNames\":[]},{\"personId\":11205,\"personName\":\"Antonio Monta\u00f1es\",\"organisationNames\":[\"University of Zaragoza\"]}]","clients":[],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","citations":"{\"apa\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_apa rendering_contributiontoperiodical rendering_apa rendering_contributiontoperiodical_apa\\\">Gadea, M. D., Gomez Loscos, A., &amp; Monta\u00f1es, A. (2011). <span>Cycles Inside Cycles. Spanish Regional Aggregation<\\\/span>. <span><em>WIFO Working Papers<\\\/em><\\\/span>, (390). <a onclick=\\\"window.open(this.href, '_blank','noopener,noreferrer'); return false;\\\" href=\\\"https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/41279\\\" class=\\\"link\\\"><span>https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/41279<\\\/span><\\\/a><\\\/div>\",\"vancouver\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_vancouver rendering_contributiontoperiodical rendering_vancouver rendering_contributiontoperiodical_vancouver\\\">Gadea MD, Gomez Loscos A, Monta\u00f1es A. <span class=\\\"title\\\"><span>Cycles Inside Cycles. Spanish Regional Aggregation<\\\/span><\\\/span>. <span>WIFO Working Papers<\\\/span>. 2011 Feb;(390).<\\\/div>\",\"bibtex\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_bibtex rendering_contributiontoperiodical rendering_bibtex rendering_contributiontoperiodical_bibtex\\\"><div>@misc{775ef41e88ae4cc4b11d1c43252fe85e,<\\\/div><div>  title    = \\\"Cycles Inside Cycles. Spanish Regional Aggregation\\\",<\\\/div><div>  abstract = \\\"This paper sets out a comprehensive framework to identify regional business cycles within Spain and analyses their stylised features and the degree of synchronisation among them and the Spanish economy. We show that the regional cycles are quite heterogeneous although they display some degree of synchronisation that can be partially explained using macroeconomic variables. We also propose a dynamic factor model to cluster the regional co-movements and test if the country cycle is simply the aggregation of the regional ones. We find that the Spanish business cycle is not shared by the 17 regions, but is the sum of the different regional behaviours. The implications derived from our results are useful both for policy makers and analysts.\\\",<\\\/div><div>  keywords = \\\"Business Cycle. Synchronisation measures. Dynamic factor models, Business Cycle. Synchronisation measures. Dynamic factor models\\\",<\\\/div><div>  author   = \\\"Gadea, \\\\{Maria Dolores\\\\} and \\\\{Gomez Loscos\\\\}, Ana and Antonio Monta{\\\\~n}es\\\",<\\\/div><div>  year     = \\\"2011\\\",<\\\/div><div>  month    = feb,<\\\/div><div>  language = \\\"English\\\",<\\\/div><div>  journal  = \\\"WIFO Working Papers\\\",<\\\/div><p>}<\\\/p><\\\/div>\",\"ris\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_ris rendering_contributiontoperiodical rendering_ris rendering_contributiontoperiodical_ris\\\"><p>TY  - GEN<\\\/p><p>T1  - Cycles Inside Cycles. Spanish Regional Aggregation<\\\/p><p>AU  - Gadea, Maria Dolores<\\\/p><p>AU  - Gomez Loscos, Ana<\\\/p><p>AU  - Monta\u00f1es, Antonio<\\\/p><p>PY  - 2011\\\/2<\\\/p><p>Y1  - 2011\\\/2<\\\/p><p>N2  - This paper sets out a comprehensive framework to identify regional business cycles within Spain and analyses their stylised features and the degree of synchronisation among them and the Spanish economy. We show that the regional cycles are quite heterogeneous although they display some degree of synchronisation that can be partially explained using macroeconomic variables. We also propose a dynamic factor model to cluster the regional co-movements and test if the country cycle is simply the aggregation of the regional ones. We find that the Spanish business cycle is not shared by the 17 regions, but is the sum of the different regional behaviours. 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Dynamic factor models<\\\/p><p>M3  - WIFO series<\\\/p><p>JO  - WIFO Working Papers<\\\/p><p>JF  - WIFO Working Papers<\\\/p><p>ER  - <\\\/p><\\\/div>\"}","scientific_assistance":"[]","scientific_review":"[]","version":"","release_date":null,"expiration_date":null,"surveyor":"","research_assistance":"","edv":"","additional_info_de":"","additional_info_en":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Cycles Inside Cycles. Spanish Regional Aggregation - WIFO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.wifo.ac.at\/en\/publication\/114988\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cycles Inside Cycles. 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