University of Illinois Urbana-Champaign

Three Essays on Macroeconomic and Econometric Analysis of Business Cycle

Park, Yang Su

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Description

Title
Three Essays on Macroeconomic and Econometric Analysis of Business Cycle
Author(s)
Park, Yang Su
Issue Date
2004
Doctoral Committee Chair(s)
Villamil, Anne P.
Department of Study
Economics
Discipline
Economics
Degree Granting Institution
University of Illinois at Urbana-Champaign
Degree Name
Ph.D.
Degree Level
Dissertation
Keyword(s)
Economics, General
Language
eng
Abstract
The third paper explores a methodology applicable to generating a regional economic activity index. There have been some attempts to develop a comprehensive index using either the coincident composite index model or the dynamic factor model. This paper suggests a modified principal components regression method: using the Chicago Federal Reserve Bank National Activity Index (CFNAI) and local economic indicators, local and national factors are extracted by applying the partitioned regression and the principal components method. From these results, a local economic activity index is generated through combining national components with local components by a regression method. Three experimental local indices for the Chicago Metropolitan area are produced.
Graduation Semester
2004
Type of Resource
text
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