NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

The Geography of the Great Recession

Alessandra Fogli, Enoch Hill, Fabrizio Perri

Chapter in NBER book NBER International Seminar on Macroeconomics 2012 (2013), Francesco Giavazzi and Kenneth D. West, organizers (p. 305 - 331)
Conference held June 15-16, 2012
Published in August 2013 by University of Chicago Press
© 2013 by the National Bureau of Economic Research
in NBER Book Series NBER International Seminar on Macroeconomics

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 that 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.

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Document Object Identifier (DOI): 10.1086/669195

This chapter first appeared as NBER working paper w18447, The Geography of the Great Recession, Alessandra Fogli, Enoch Hill, Fabrizio Perri
Commentary on this chapter:
  Comment, Karen Helene Ulltveit-Moe
  Comment, Jonas D. M. Fisher
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