Details

Autor(en) / Beteiligte

• Baumeister, Christiane
• Leiva-León, Danilo
• Sims, Eric

Titel

Tracking Weekly State-Level Economic Conditions

Ist Teil von

• The review of economics and statistics, 2024-03, Vol.106 (2), p.483-504

Ort / Verlag

Cambridge: MIT Press Journals, The

Erscheinungsjahr

2024

Link zum Volltext

Quelle

MIT Press Journals

Beschreibungen/Notizen

• Abstract This paper develops a novel dataset of weekly economic conditions indices for the 50 U.S. states going back to 1987 based on mixed-frequency dynamic factor models with weekly, monthly, and quarterly variables that cover multiple dimensions of state economies. We find considerable cross-state heterogeneity in the length, depth, and timing of business cycles. We illustrate the usefulness of these state-level indices for quantifying the main contributors to the economic collapse caused by the COVID-19 pandemic and for evaluating the effectiveness of the Paycheck Protection Program. We also propose an aggregate indicator that gauges the overall weakness of the U.S. economy.