The 2001 Recession and the States of the 8th District

FRB St. Louis Working Paper No. 2005-053A

27 Pages Posted: 28 Jul 2005

See all articles by Michael Owyang

Michael Owyang

Federal Reserve Bank of St. Louis - Research Division

Jeremy Piger

University of Oregon - Department of Economics

Howard J. Wall

Lindenwood University - Center for Economics and the Environment

Date Written: June 2005

Abstract

This paper examines and compares the recent business cycle experiences of the seven states that lie partly or wholly within the Eighth Federal Reserve District (Arkansas, Illinois, Indiana, Kentucky, Mississippi, Missouri, and Tennessee). For the period surrounding the 1990-91 NBER recession, six of the seven states had recessions that were much shorter than for the country as a whole. For the period surrounding the 2001 NBER recession, four statesĀ—Arkansas, Indiana, Kentucky, and TennesseeĀ—entered and exited recession earlier than the country as a whole. Recessions in the other three states began earlier and ended later than for the country as a whole.

Keywords: Markov-switching, business cycles

JEL Classification: E32, R12

Suggested Citation

Owyang, Michael T. and Piger, Jeremy M. and Wall, Howard J., The 2001 Recession and the States of the 8th District (June 2005). FRB St. Louis Working Paper No. 2005-053A, Available at SSRN: https://ssrn.com/abstract=760944 or http://dx.doi.org/10.2139/ssrn.760944

Michael T. Owyang (Contact Author)

Federal Reserve Bank of St. Louis - Research Division ( email )

411 Locust St
Saint Louis, MO 63011
United States

Jeremy M. Piger

University of Oregon - Department of Economics ( email )

Eugene, OR 97403
United States

Howard J. Wall

Lindenwood University - Center for Economics and the Environment ( email )

209 S. Kingshighway
St. Charles, MO 63301
United States

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