NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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The Aggregate Implications of Regional Business Cycles

Martin Beraja, Erik Hurst, Juan Ospina

NBER Working Paper No. 21956
Issued in February 2016, Revised in July 2018

---- Acknowledgements ----

We thank Bence Bardóczy for superb research assistance. We thank Mark Aguiar, Manuel Amador, David Argente, Mark Bils, Juliette Caminade, Elisa Giannone, Adam Guren, Simon Gilchrist, Paul Gomme, Bob Hall, Marc Hofstetter, Loukas Karabarbounis, Pat Kehoe, Virgiliu Midrigan, Elena Pastorino, Harald Uhlig, Joe Vavra, Gianluca Violante, Ivan Werning and four anonymous referees for their very helpful comments and suggestions. Finally, we thank seminar participants at the Bank of England, Berkeley, the Board of Governors of the Federal Reserve, Boston University, Brown, Central Bank of Colombia, Chicago, Chicago Federal Reserve, Columbia, Duke, Harvard, IEF Workshop, Michigan, Minneapolis Federal Reserve, Minnesota Workshop in Macroeconomic Theory, MIT, NBER's Summer Institute EF&G, NBER's Summer Institute Prices Program, Northwestern, Princeton, Rochester, St. Louis Federal Reserve, UCLA, Yale's Cowles Conference on Macroeconomics. Any remaining errors are our own. Any remaining errors are our own. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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