Dating and synchronisation of regional business cycles in Spain

• Bandrés, Eduardo ^[1] ; Gadea Rivas, María Dolores ^[1] ; Gómez Loscos, Ana ^[2]
  1. [1] Universidad de Zaragoza

     Universidad de Zaragoza

     Zaragoza, España

     
  2. [2] Banco de España
• Localización: Documentos ocasionales - Banco de España, ISSN 1696-2222, Nº. 7, 2021, págs. 1-43
• Idioma: inglés
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• Resumen

  • The analysis of the regional business cycles in Spain highlights a high degree of similarity in the developments of most regions, but also shows idiosyncratic behaviour that mainly affects the duration and intensity of recessions. Such idiosyncratic behaviour would advise complementing national policies with specific policies aimed at certain territories. This paper adopts two complementary approaches in order to comprehensively date and analyse regional business cycles: the first uses an annual aggregate indicator such as GDP, for which a long series is available; the second focuses on a set of specific monthly indicators for a more recent period and provides a more accurate characterisation of the reference cycle.