논문

This paper attempt to examine the cyclical dynamics of regional business cycles
and employment fluctuations in Korea. In this paper, I estimate the business cycle
using H-P(Hodrick and Prescott) filter and time varing parameter model aimed at
understanding the charasteristics of regional business cycles. The research
findings indicate that business cycles, as being measured by the ups and downs
in indusrial production index, do differ across regions. Each regions reveal
considerable differences in the troughs, volatility, reference date, and
persistence of business cycles. I also investigated possible sources of the
observed differences in regional business cycles. Finallly, the cyclical dynamics
shown in regions suggest that the labor markets operate differently in reponse of
national shocks.