TY  - JOUR
AU  - Fogli, Alessandra
AU  - Hill, Enoch
AU  - Perri, Fabrizio
TI  - The Geography of the Great Recession
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 18447
PY  - 2012
Y2  - October 2012
DO  - 10.3386/w18447
UR  - http://www.nber.org/papers/w18447
L1  - http://www.nber.org/papers/w18447.pdf
N1  - Author contact info:
Alessandra Fogli
Research Department,
Federal Reserve Bank of Minneapolis
90 Hennepin Avenue, Minneapolis MN 55401 
E-Mail: afogli00@gmail.com

Enoch Hill
Department of Economics
Wheaton College
501 College Avenue
Wheaton, IL 60187
Tel: 6307525315
E-Mail: enoch.hill@wheaton.edu

Fabrizio Perri
Research Department
Federal Reserve Bank of Minneapolis
90 Hennepin Avenue
Minneapolis MN 55401
E-Mail: fperri@umn.edu
M1  - published as Alessandra Fogli, Enoch Hill, Fabrizio Perri. "The Geography of the Great Recession," in Francesco Giavazzi and Kenneth D. West, organizers, "NBER International Seminar on Macroeconomics 2012" University of Chicago Press (2013)

M3  - presented at "ISOM", June 15-16, 2012
AB  - This paper documents, using county level data, some geographical features of the US business cycle over the past 30 years, with particular focus on the Great Recession. It shows that county level unemployment rates are spatially dispersed and spatially correlated, and documents how these characteristics evolve during recessions. It then shows that some of these features of county data can be generated by a model which includes simple channels of transmission of economic conditions from a county to its neighbors. The model suggests that these local channels are quantitatively important for the amplification/muting of aggregate shocks.
ER  -