WASHINGTON, Nov. 21 -- The Federal Reserve issued the following discussion paper (No. 1305) entitled "Financial Integration and the Co-Movement of Economic Activity: Evidence from U.S. States".

The discussion paper was written by Juan Carlos Gozzi, senior economist of the

International Financial Stability Section and Martin R. Goetz of Goethe University.

Here are the excerpts:

Abstract:

We analyze the effect of the geog . . .

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