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Published on Friday, September 15, 2017 | Updated on Friday, September 15, 2017

Business cycle phases in Spain

We characterize regional business cycles for Spain using monthly Social Security affiliations. Based on a set of Markov-switching models, we find substantial synchronization of regional business cycles, which has increased since the Great Recession. We do however evidence a regional leading and lagging performance that repeats itself across the different recessions.