Regional Aggregate Indicators Under Subnational Heterogeneity: Evidence from the COVID-19 Pandemic in Spain

This article addresses the lack of timely regional economic data in Spain during the COVID-19 pandemic. It develops monthly regional aggregate indicators using a Dynamic Factor Model (DFM) with mixed-frequency data and recursive variable selection tailored to each region’s economic structure. The st...

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Detalhes bibliográficos
Autores: López Buenache, Germán, Pallarés, Nina, Zhukova, Vita
Formato: artículo
Fecha de publicación:2023
País:España
Recursos:Universidad Católica San Antonio de Murcia (UCAM)
Repositorio:RIUCAM. Repositorio Institucional de la Universidad Católica San Antonio de Murcia
OAI Identifier:oai:repositorio.ucam.edu:10952/9835
Acesso em linha:http://hdl.handle.net/10952/9835
Access Level:acceso abierto
Palavra-chave:Regional heterogeneity
Aggregate indicators
Factor model
Variable selection
Asymmetric shocks
Synchronization
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spelling Regional Aggregate Indicators Under Subnational Heterogeneity: Evidence from the COVID-19 Pandemic in SpainLópez Buenache, GermánPallarés, NinaZhukova, VitaRegional heterogeneityAggregate indicatorsFactor modelVariable selectionAsymmetric shocksSynchronizationThis article addresses the lack of timely regional economic data in Spain during the COVID-19 pandemic. It develops monthly regional aggregate indicators using a Dynamic Factor Model (DFM) with mixed-frequency data and recursive variable selection tailored to each region’s economic structure. The study finds significant heterogeneity in economic impacts and recovery trajectories across Spanish regions, stressing the need for high-frequency, region-specific monitoring tools. The results support the design of adaptive economic policies in response to asymmetric shocks like pandemics, particularly within decentralized national frameworks.The COVID-19 outbreak forced governments to implement regional measures avoiding the spread of the virus, while evaluat- ing their economic effects. However, official Spanish regional economic information is scarce. We estimate monthly regional aggregated indicators for each Spanish region combining a mixed frequency Dynamic Factor Model with a recursive procedure that identifies the most informative variables capturing economic developments in each region. The set of variables that better describe aggregate economic conditions varies considerably across the regions, which emphasizes the heterogeneity in their productive structures. Our results suggest that the post-pandemic recovery will be uneven across territories, stressing the need to monitor regional economic developments.Administración y Dirección de EmpresasCiencias de la ComunicaciónDerechoCiencias Sociales y de la ComunicaciónDerechoEconomía y Empresa2023info:eu-repo/semantics/articlehttp://hdl.handle.net/10952/9835reponame:RIUCAM. Repositorio Institucional de la Universidad Católica San Antonio de Murciainstname:Universidad Católica San Antonio de Murcia (UCAM)Inglésinfo:eu-repo/semantics/openAccessoai:repositorio.ucam.edu:10952/98352026-06-07T18:35:21Z
dc.title.none.fl_str_mv Regional Aggregate Indicators Under Subnational Heterogeneity: Evidence from the COVID-19 Pandemic in Spain
title Regional Aggregate Indicators Under Subnational Heterogeneity: Evidence from the COVID-19 Pandemic in Spain
spellingShingle Regional Aggregate Indicators Under Subnational Heterogeneity: Evidence from the COVID-19 Pandemic in Spain
López Buenache, Germán
Regional heterogeneity
Aggregate indicators
Factor model
Variable selection
Asymmetric shocks
Synchronization
title_short Regional Aggregate Indicators Under Subnational Heterogeneity: Evidence from the COVID-19 Pandemic in Spain
title_full Regional Aggregate Indicators Under Subnational Heterogeneity: Evidence from the COVID-19 Pandemic in Spain
title_fullStr Regional Aggregate Indicators Under Subnational Heterogeneity: Evidence from the COVID-19 Pandemic in Spain
title_full_unstemmed Regional Aggregate Indicators Under Subnational Heterogeneity: Evidence from the COVID-19 Pandemic in Spain
title_sort Regional Aggregate Indicators Under Subnational Heterogeneity: Evidence from the COVID-19 Pandemic in Spain
dc.creator.none.fl_str_mv López Buenache, Germán
Pallarés, Nina
Zhukova, Vita
author López Buenache, Germán
author_facet López Buenache, Germán
Pallarés, Nina
Zhukova, Vita
author_role author
author2 Pallarés, Nina
Zhukova, Vita
author2_role author
author
dc.subject.none.fl_str_mv Regional heterogeneity
Aggregate indicators
Factor model
Variable selection
Asymmetric shocks
Synchronization
topic Regional heterogeneity
Aggregate indicators
Factor model
Variable selection
Asymmetric shocks
Synchronization
description This article addresses the lack of timely regional economic data in Spain during the COVID-19 pandemic. It develops monthly regional aggregate indicators using a Dynamic Factor Model (DFM) with mixed-frequency data and recursive variable selection tailored to each region’s economic structure. The study finds significant heterogeneity in economic impacts and recovery trajectories across Spanish regions, stressing the need for high-frequency, region-specific monitoring tools. The results support the design of adaptive economic policies in response to asymmetric shocks like pandemics, particularly within decentralized national frameworks.
publishDate 2023
dc.date.none.fl_str_mv 2023
dc.type.none.fl_str_mv info:eu-repo/semantics/article
format article
dc.identifier.none.fl_str_mv http://hdl.handle.net/10952/9835
url http://hdl.handle.net/10952/9835
dc.language.none.fl_str_mv Inglés
language_invalid_str_mv Inglés
dc.rights.none.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.source.none.fl_str_mv reponame:RIUCAM. Repositorio Institucional de la Universidad Católica San Antonio de Murcia
instname:Universidad Católica San Antonio de Murcia (UCAM)
instname_str Universidad Católica San Antonio de Murcia (UCAM)
reponame_str RIUCAM. Repositorio Institucional de la Universidad Católica San Antonio de Murcia
collection RIUCAM. Repositorio Institucional de la Universidad Católica San Antonio de Murcia
repository.name.fl_str_mv
repository.mail.fl_str_mv
_version_ 1869420662684123136
score 15.812455

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