Introduction; Part I. Financial and Goods Market Integration: 1. Intranational versus international saving-investment comovements Eric van Wincoop; 2. International and intranational risk sharing Gregory D. Hess and Mario Crucini; 3. Interregional and international credit market integration Bent E. Sorenson and Oved Yosha; 4. Home bias in equity markets: international and intranational evidence Gur Huberman; 5. Relative price volatility: what role does the border play? Charles Engel and John Rogers; 6. (Why) do borders matter for trade? Holger Wolf; Part II. Business Cycles and Growth: 7. Income dynamics in regions and countries Paul Evans; 8. Intranational labor migration, business cycles and growth Antonio Fatas; 9. The sources of fluctuations within and across countries Todd Clark and Kwanho Shin; Part III. Fiscal and Monetary Policy: 10. Regional non-adjustment and fiscal policy Maurice Obstfeld and Fabrizio Peri; 11. Fiscal policy and intranational risk sharing Juergen von Hagen; 12. Do local banks matter for the local economy? In search of a regional credit channel Sandra Hanson and Chris Waller.