IDEAS home Printed from https://ideas.repec.org/a/eee/phsmap/v383y2007i1p102-107.html
   My bibliography  Save this article

Regional business cycle synchronization through expectations

Author

Listed:
  • Onozaki, Tamotsu
  • Yanagita, Tatsuo
  • Kaizoji, Taisei
  • Toyabe, Kazutaka

Abstract

This paper provides an example in which regional business cycles may synchronize via producers’ expectations, even though there is no interregional trade, by means of a system of globally coupled, noninvertible maps. We concentrate on the dependence of the dynamics on a parameter η which denotes the inverse of price elasticity of demand. Simulation results show that several phases (the short transient, the complete asynchronous, the long transient and the intermediate transient) appear one after another as η increases. In the long transient phase, the intermittent clustering process with a long chaotic transient appears repeatedly.

Suggested Citation

  • Onozaki, Tamotsu & Yanagita, Tatsuo & Kaizoji, Taisei & Toyabe, Kazutaka, 2007. "Regional business cycle synchronization through expectations," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 383(1), pages 102-107.
    • Handle: RePEc:eee:phsmap:v:383:y:2007:i:1:p:102-107
    DOI: 10.1016/j.physa.2007.04.129
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S037843710700502X
    Download Restriction: Full text for ScienceDirect subscribers only. Journal offers the option of making the article available online on Science direct for a fee of $3,000
    File URL: https://libkey.io/10.1016/j.physa.2007.04.129?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Gerald Carlino & Keith Sill, 2001. "Regional Income Fluctuations: Common Trends And Common Cycles," The Review of Economics and Statistics, MIT Press, vol. 83(3), pages 446-456, August.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Tamotsu Onozaki, 2018. "Nonlinearity, Bounded Rationality, and Heterogeneity," Springer Books, Springer, number 978-4-431-54971-0, December.
    2. Esashi, Kunihiko & Onozaki, Tamotsu & Saiki, Yoshitaka & Sato, Yuzuru, 2018. "Intermittent transition between synchronization and desynchronization in multi-regional business cycles," Structural Change and Economic Dynamics, Elsevier, vol. 44(C), pages 68-76.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Owyang, Michael T. & Piger, Jeremy & Wall, Howard J., 2013. "Discordant city employment cycles," Regional Science and Urban Economics, Elsevier, vol. 43(2), pages 367-384.
    2. Wall, Howard, 2023. "The Great, Greater, and Greatest Recessions of US States," Journal of Regional Analysis and Policy, Mid-Continent Regional Science Association, vol. 53(1), January.
    3. Alexandra Ferreira-Lopes & Álvaro Pina, 2011. "Business Cycles, Core, and Periphery in Monetary Unions: Comparing Europe and North America," Open Economies Review, Springer, vol. 22(4), pages 565-592, September.
    4. Breandán Ó'hUallacháin, 2008. "Regional growth transition clubs in the United States," Papers in Regional Science, Wiley Blackwell, vol. 87(1), pages 33-53, March.
    5. Scott A. Carson, 2017. "Assessing Cumulative Net Nutrition and the Transition from 19th Century Bound to Free-Labor by Ethnic Status," CESifo Working Paper Series 6813, CESifo.
    6. Christiane Baumeister & Danilo Leiva-León & Eric Sims, 2024. "Tracking Weekly State-Level Economic Conditions," The Review of Economics and Statistics, MIT Press, vol. 106(2), pages 483-504, March.
    7. Furkan Emirmahmutoglu & Rangan Gupta & Stephen M. Miller & Tolga Omay, 2020. "Is real per capita state personal income stationary? New nonlinear, asymmetric panel‐data evidence," Bulletin of Economic Research, Wiley Blackwell, vol. 72(1), pages 50-62, January.
    8. Carson, Scott Alan, 2011. "Height of female Americans in the 19th century and the antebellum puzzle," Economics & Human Biology, Elsevier, vol. 9(2), pages 157-164, March.
    9. Sen Guo & Haoran Zhao & Huiru Zhao, 2017. "A New Hybrid Wind Power Forecaster Using the Beveridge-Nelson Decomposition Method and a Relevance Vector Machine Optimized by the Ant Lion Optimizer," Energies, MDPI, vol. 10(7), pages 1-20, July.
    10. Carlino, Gerald A. & DeFina, Robert H., 2004. "How strong is co-movement in employment over the business cycle? Evidence from state/sector data," Journal of Urban Economics, Elsevier, vol. 55(2), pages 298-315, March.
    11. Kuhlmann, Angela & Decker, Christopher S. & Wohar, Mark E., 2008. "The Composition of Industry and the Duration of State Recessions," Journal of Regional Analysis and Policy, Mid-Continent Regional Science Association, vol. 38(3), pages 1-16.
    12. Tamotsu Onozaki, 2018. "Nonlinearity, Bounded Rationality, and Heterogeneity," Springer Books, Springer, number 978-4-431-54971-0, December.
    13. Elizabeth Wakerly & Byron Scott & James Nason, 2006. "Common trends and common cycles in Canada: who knew so much has been going on?," Canadian Journal of Economics, Canadian Economics Association, vol. 39(1), pages 320-347, February.
    14. Michael T. Owyang & Howard J. Wall, 2004. "Structural breaks and regional disparities in the transmission of monetary policy," Working Papers 2003-008, Federal Reserve Bank of St. Louis.
    15. Bryan Perry & Kerk L Phillips & David E. Spencer, 2015. "State-Level Variation in the Real Wage Response to Monetary Policy," Annals of Economics and Finance, Society for AEF, vol. 16(1), pages 1-17, May.
    16. Scott Carson, 2011. "Demographic, residential, and socioeconomic effects on the distribution of nineteenth-century African-American stature," Journal of Population Economics, Springer;European Society for Population Economics, vol. 24(4), pages 1471-1491, October.
    17. Hernández-Murillo, Rubén & Owyang, Michael T. & Rubio, Margarita, 2017. "Clustered housing cycles," Regional Science and Urban Economics, Elsevier, vol. 66(C), pages 185-197.
    18. Maxym Chaban & Graham M. Voss, 2016. "Is Canada an optimal currency area? An inflation targeting perspective," Canadian Journal of Economics, Canadian Economics Association, vol. 49(2), pages 738-771, May.
    19. Igor Esteban Zuccardi Huertas, 2002. "Los ciclos económicos regionales en Colombia, 1986-2000," Documentos de Trabajo Sobre Economía Regional y Urbana 3159, Banco de la República, Economía Regional.
    20. Viv Hall & John McDermott, 2008. "An Unobserved Components Common Cycle For Australia? Implications For A Common Currency," CAMA Working Papers 2008-11, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:phsmap:v:383:y:2007:i:1:p:102-107. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.journals.elsevier.com/physica-a-statistical-mechpplications/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.