The State‐Level Impact of Uncertainty Shocks

Haroon Mumtaz, Laura Sunder‐plassmann and Angeliki Theophilopoulou

Journal of Money, Credit and Banking, 2018, vol. 50, issue 8, 1879-1899

Abstract: This paper estimates the impact of uncertainty shocks on real income growth in U.S. states. Our results suggest that the effect is heterogeneous. The magnitude of the decline in income is largest in states with a large share of manufacturing and construction industries, a larger share of small firms, a high fiscal deficit, a less rigid labor market, and a more volatile housing market. In contrast, a higher share of mining industries and larger intergovernmental fiscal transfers ameliorate the impact of uncertainty.

Date: 2018
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https://doi.org/10.1111/jmcb.12509

Related works:
Working Paper: The State Level Impact of Uncertainty Shocks (2016)
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Persistent link: https://EconPapers.repec.org/RePEc:wly:jmoncb:v:50:y:2018:i:8:p:1879-1899

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