Score contribution per author:
α: calibrated so average coauthorship-adjusted count equals average raw count
This paper extends the Markov-switching vector autoregressive models to accommodate both the typical lack of synchronicity that characterizes the real-time daily flow of macroeconomic information and economic indicators sampled at different frequencies. The results of the empirical application suggest that the model is able to capture the features of the NBER business cycle chronology very accurately.