How External Shocks Drive Local Business Cycles

The growth of globalization in recent decades has increased the importance of external factors as drivers of the business cycle in many countries. Globalization affects countries not just at the macro level but at the level of states and metro areas as well. Mr. Wynne will present on a paper that uses a novel identification strategy to isolate the relative importance of global, national and region-specific shocks as drivers of the business cycle in U.S. states and metro areas. We show that direct trade linkages are not the only channel through which the global business cycle impacts regional economies.

Mark Wynne

Wynne is a vice president, associate director of Research and director of the Bank’s Globalization and Monetary Policy Institute at the Federal Reserve Bank of Dallas. In the latter role, Wynne is responsible for developing and leading the Bank’s research program on globalization and understanding its implications for the conduct of U.S. monetary policy.

Since joining the Federal Reserve Bank of Dallas in 1989, he has had a variety of responsibilities, including briefing the Bank’s president on national and international economic conditions prior to meetings of the Federal Open Market Committee, providing updates on key economic issues to the Bank’s board of directors and conducting research on the effects of fiscal policy, understanding business cycles, inflation measurement and the workings of monetary unions, among other topics. His research has appeared in many of the leading peer-reviewed academic journals and Federal Reserve publications.

Wynne has taught at both the undergraduate and graduate level at University College Dublin, the University of Rochester and Southern Methodist University and has also served as a faculty member for the American Bankers Association Stonier Graduate School of Banking.

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