Asymmetries in the Responses of Regional Job Flows to Oil Price Shocks
MPRA Paper from University Library of Munich, Germany
This paper studies the effect of oil price innovations on manufacturing job flows across U.S states. First, I estimate a nonlinear structural equation model and compute impulse response functions by Monte Carlo integration. I find asymmetries in the responses of job flows to positive and negative oil price innovations. Yet, these asymmetries do not pass a test of symmetry on the impulse responses, especially after accounting for data mining. Third, I use a test for the absence of job reallocation to evaluate whether an unexpected increase in the real price of oil price triggers an important change in job reallocation. I find that oil price shocks have limited regional allocative effects.
Keywords: regional business cycles; job flows; oil prices. (search for similar items in EconPapers)
JEL-codes: E24 E32 Q43 (search for similar items in EconPapers)
Date: 2017-02-24, Revised 2017-08-11
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Published in Economic Inquiry 56.3(2018): pp. 1827-1845
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Journal Article: ASYMMETRIES IN THE RESPONSES OF REGIONAL JOB FLOWS TO OIL PRICE SHOCKS (2018)
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:89796
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