INTRANATIONAL BUSINESS CYCLES IN THE UNITED-STATES

We established a comprehensive set of stylized facts for intranational business cycles across states and regions in the U.S. Notable finding s are that the cross correlations of our consumption measure is much l ess than that for output, and the volatility of the real exchange rate between states is much less than that for output. These findings are contrasted with the quantity and price ''anomalies'' found in internat ional business cycle data. Additional results for labour and non-labou r earnings suggest that the observed amount of intratemporal risk shar ing is quite limited as compared to that for intertemporal risk sharin g. (C) 1998 Elsevier Science B.V.