Persistence in U.S. State Unemployment Rates: Errata and Extensions

Peter Sephton ()

Southern Economic Journal, 2012, vol. 78, issue 3, e1-e9

Abstract: Using panel unit root tests allowing for breaking deterministics, found that many U.S. state unemployment rates were stationary, a result at odds with the traditional view that unemployment rates are path‐dependent and subject to shocks that have permanent effects. extended the analysis to directly examine whether the series were fractionally integrated and reported that models with two breaks‐in‐mean do suggest many state unemployment rates were mean‐reverting. The purpose of this note is to correct an error contained in , which when modified, indicates that state unemployment rates were non‐stationary processes well‐characterized by hysteresis.

Date: 2012
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