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. This paper isolates the relative importance of global, national and region-specific shocks as drivers of the business cycle in individual U.S. states and metro areas. We document significant heterogeneity in the sensitivity of states and metro areas to global shocks, and show that direct trade linkages are not the only channel through which the global business cycle impacts regional economies.

中文翻译：

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全球和国家商业周期对美国各州和大都市区就业的异质影响

近几十年来全球化的发展增加了外部因素作为许多国家商业周期驱动因素的重要性。全球化不仅在宏观层面影响国家，而且在州和都市地区层面也影响国家。本文将全球、国家和地区特定冲击作为美国各个州和大都市区商业周期驱动因素的相对重要性分离出来。我们记录了各州和都会区对全球冲击的敏感性的显着异质性，并表明直接贸易联系并不是全球商业周期影响区域经济的唯一渠道。