{"id":{"repo_id":"uiuc","oai_identifier":"oai:www.ideals.illinois.edu:2142/85546"},"canonical_url":"https://search.dev.ndltd.org/etd/uiuc/oai:www.ideals.illinois.edu:2142/85546","repository":{"repo_id":"uiuc","name":"University of Illinois - Urbana-Champaign","base_url":"https://www.ideals.illinois.edu/oai-pmh"},"display":{"title":"Three Essays on Macroeconomic and Econometric Analysis of Business Cycle","abstract":"The third paper explores a methodology applicable to generating a regional economic activity index. There have been some attempts to develop a comprehensive index using either the coincident composite index model or the dynamic factor model. This paper suggests a modified principal components regression method: using the Chicago Federal Reserve Bank National Activity Index (CFNAI) and local economic indicators, local and national factors are extracted by applying the partitioned regression and the principal components method. 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