Geographic Dispersion of Economic Shocks: Evidence from the Fracking Revolution

• 成果类型: Article
• 署名作者: Feyrer, James; Mansur, Erin T.; Sacerdote, Bruce
• 署名单位: Dartmouth College; Dartmouth College; National Bureau of Economic Research
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.20151326
• 发表日期: 2017
• 页码: 1313-1334
• 关键词: natural-gas; market impacts; boom

摘要

We track the geographic and temporal propagation of local economic shocks from new oil and gas production generated by hydrofracturing. Each million dollars of new production produces $80,000 in wage income and $132,000 in royalty and business income within a county. Within 100 miles, one million dollars of new production generates $257,000 in wages and $286,000 in royalty and business income. Roughly two-thirds of the wage income increase persists for two years. Assuming no general equilibrium effects, new extraction increased aggregate US employment by as many as 640,000, and decreased the unemployment rate by 0.43 during the Great Recession.