The long and large decline in state employment growth volatility

Gerald Carlino, Robert H. DeFina and Keith Sill ()

No 09-9, Working Papers from Federal Reserve Bank of Philadelphia

Abstract: This study documents a general decline in the volatility of employment growth during the period 1956 to 2005 and examines its possible sources. Estimates from a state-level pooled cross-section/time-series model indicate that aggregate and state-level factors each account for an important share of the total explained variation in state-level volatility. Specifically, state-level factors have contributed as much as 16 percent, while aggregate factors are found to account for up to 46 percent of the variation. With regard to state-level factors, the share of state total employment in manufacturing and state banking deregulation each contributed significantly to fluctuations in volatility. Aggregate factors that are quantitatively important in accounting for volatility include monetary policy, the state of the national business cycle, and oil-price shocks. ; Supersedes Working Paper 07-11/R

Keywords: Employment (search for similar items in EconPapers)
Date: 2009
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
https://www.philadelphiafed.org/-/media/frbp/asset ... pers/2009/wp09-9.pdf (application/pdf)

Related works:
Journal Article: The Long and Large Decline in State Employment Growth Volatility (2013)
Journal Article: The Long and Large Decline in State Employment Growth Volatility (2013)
Working Paper: The long and large decline in state employment growth volatility (2011)
Working Paper: The long and large decline in state employment growth volatility (2007)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:fip:fedpwp:09-9

Ordering information: This working paper can be ordered from

Access Statistics for this paper

More papers in Working Papers from Federal Reserve Bank of Philadelphia Contact information at EDIRC.
Bibliographic data for series maintained by Beth Paul ().