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Consistent economic indexes for the 50 states

Author

Listed:
  • Alan Clayton-Matthews
  • Theodore M. Crone

Abstract

In the late 1980s James Stock and Mark Watson developed for the U.S. economy an alternative coincident index to the one now published by the Conference Board. They used the Kalman filter to estimate a latent dynamic factor for the national economy and designated the common factor as the coincident index. This paper uses the Stock/Watson methodology to estimate a consistent set of coincident indexes for the 50 states. These indexes provide researchers with a comprehensive monthly measure of economic activity that can be used to examine a number of state and regional issues.

Suggested Citation

  • Alan Clayton-Matthews & Theodore M. Crone, 2004. "Consistent economic indexes for the 50 states," Working Papers 04-9, Federal Reserve Bank of Philadelphia.
    • Handle: RePEc:fip:fedpwp:04-9
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    File URL: https://www.philadelphiafed.org/-/media/frbp/assets/working-papers/2004/wp04-9.pdf
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    References listed on IDEAS

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    1. Jason Bram & Andrew F. Haughwout & James A. Orr & Robert W. Rich & Rae D. Rosen, 2004. "The linkage between regional economic indexes and tax bases: evidence from New York," Staff Reports 188, Federal Reserve Bank of New York.
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    Cited by:

    1. Fok, Dennis & van Dijk, Dick & Franses, Philip Hans, 2005. "Forecasting aggregates using panels of nonlinear time series," International Journal of Forecasting, Elsevier, vol. 21(4), pages 785-794.
    2. Donatella Baiardi & Carluccio Bianchi, 2010. "Un Indicatore di Attività Economica per la Lombardia e per le Province di Milano e Pavia," Quaderni di Dipartimento 130, University of Pavia, Department of Economics and Quantitative Methods.
    3. Donatella Baiardi & Carluccio Bianchi, 2012. "Un Indicatore per la Lombardia e per le Province di Milano e Pavia (Nuova versione)," Quaderni di Dipartimento 158, University of Pavia, Department of Economics and Quantitative Methods.

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    Keywords

    Indexation (Economics);

    Statistics

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