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Publication Detailed Description
Journal Title
Regional Studies
Year (definitive publication)
2010
Language
English
Country
United Kingdom
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Abstract
Does a federal country need federal transfers when it has labour mobility?, Regional Studies. This work empirically tests optimum currency area theory for members of a given monetary union (the United States). The United States is recognized as a country where labour mobility between states is high. This paper jointly assesses the consequences of having federal transfers and labour mobility in terms of the states' cyclical output. It is concluded that federal transfers undoubtedly contribute to increase cyclical output. However, out-migration may increase or decrease cyclical output, depending on certain conditions. As federal transfers proved to be much more important than migration, the answer to the question in the paper's title is ‘yes’.
Acknowledgements
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Keywords
Internal migration; Federal transfers; Cyclical convergence; Panel data; Generalized method of moments (GMM)
Fields of Science and Technology Classification
- Economics and Business - Social Sciences
- Social and Economic Geography - Social Sciences
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