Measuring the persistence degree of shocks to the US tourism markets: new evidence for COVID-19 pandemic period

Yi-Ting Peng, Tsangyao Chang, Omid Ranjbar () and Fangjhy Li

Applied Economics Letters, 2024, vol. 31, issue 5, 422-431

Abstract: Regarding the huge negative effects of the COVID-19 pandemic on the tourism market of the US, we investigate the persistent degree of the shocks to three markets: overseas, Canada, and Mexico. To measure persistence degree and its dynamics, we apply the Fourier quantile unit root test and rolling-window indirect inference estimators. Overall results indicate (i) negative shocks to the US’ tourist markets have more long-lasting effects than positive ones, (ii) degree of persistence of all three markets increased due to the COVID-19 pandemic, and (iii) Canada tourist marker displays more persistence behaviour than the other two markets.

Date: 2024
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DOI: 10.1080/13504851.2022.2138254

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