Anmerkungen:
In: Journal of Macroeconomics, Vol. 73, 2022
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments February 22, 2022 erstellt
Beschreibung:
Using U.S. data over the period 1960Q3 - 2019Q4 we estimate a structural factor-augmented vector autoregressive model and find that a one standard deviation shock to macroeconomic uncertainty generates declines in state-level employment growth that range from -0.02 to -0.12 percentage points at their peak negative response. Cross-sectional regressions show that industry mix is an important channel through which uncertainty shocks affect employment growth. In particular, a state with a larger manufacturing sector experiences a larger decline in employment growth