Employment fluctuations in US regions and industries: The roles of national, region-specific, and industry-specific shocks

• 成果类型: Article
• 署名作者: Clark, TE
• 刊物名称: JOURNAL OF LABOR ECONOMICS
• ISSN/ISSBN: 0734-306X
• DOI: 10.1086/209887
• 发表日期: 1998
• 页码: 202-229
• 关键词: small-sample properties; unit-root; covariance structure; time-series; estimators; models; tests

摘要

This study quantifies the roles of national, region-specific, and industry-specific shocks in aggregate employment fluctuations in U.S. regions and industries. Variation among the growth rates of major regions and industries is decomposed into unobserved national, region-, and industry-specific components. The results reject the view that any heterogeneity in regional fluctuations is attributable to differences in industry composition. After controlling for industry mix effects, roughly 40% of the variance of the cyclical innovation in any region's growth rate is particular to that region. In addition, region-specific shocks appear to propagate across regions over time.