Identifying the Regional Economic Impacts of 9/11

Park JiYoung (), Gordon Peter (), Jun Eunha (), Moore James E () and Richardson Harry W. ()
Additional contact information
Park JiYoung: University at Buffalo, State University of New York
Gordon Peter: University of Southern California
Jun Eunha: University of Southern California
Moore James E: University of Southern California
Richardson Harry W.: University of Southern California

Peace Economics, Peace Science, and Public Policy, 2009, vol. 15, issue 2, 275-306

Abstract: It is difficult to separate the individual effects of the recession and the 9/11 attack. Within this severe constraint, the national economic impact of 9/11 appears to have been both modest and short-lived. This is supported by the sharper decline in industrial production in 2001 than in 2002. At the regional level, the impacts seem to be more in the form of regional relocational shifts (to New Jersey). The New Jersey decline in 2002 was almost certainly a recession rather than a 9/11 impact, because New Jersey gained in 2001. New York City is a little different from other spatial units because it held up better in the period preceding the 2001 recession. There are differential sectoral impacts both regionally and nationally, e.g., finance and business services vs. manufacturing. Our results show only one significant change; the effect of Finance and Insurance sector on Professional, Scientific, and Technical services.

Keywords: economic impacts; 9/11; time-series; multilevel analysis; VECM (search for similar items in EconPapers)
Date: 2009
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Citations: View citations in EconPapers (1)

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DOI: 10.2202/1554-8597.1162

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