Owyang, Michael T.; Rapach, David E.; Wall, Howard J. - Federal Reserve Bank of St. Louis - 2008
. According to the factor loadings, there is a great deal of heterogeneity in the nature of the links between state and national …We model the U.S. business cycle using a dynamic factor model that identifies common factors underlying fluctuations in … economies. In addition to exhibiting interesting geographic patterns, the factor loadings tend to be related to differences in …