Morgan, Don; Rime, Bertrand; Strahan, Philip - 2001
Tirole (1997), we conclude that the theoretical effect of integration on business cycle size is ambiguous, as some shocks are … of business fluctuations within states. Starting with a two-state version of the unit banking model in Holmstrom and … fluctuations within states, and decreases the deviations in employment growth across states. Business cycles within states become …