The State-Level Impact of Uncertainty Shocks
Publikation: Bidrag til tidsskrift › Tidsskriftartikel › Forskning › fagfællebedømt
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The State-Level Impact of Uncertainty Shocks. / Mumtaz, Haroon; Sunder-Plassmann, Laura; Theophilopoulou, Angeliki.
I: Journal of Money, Credit and Banking, Bind 50, Nr. 8, 05.06.2018, s. 1879-1899.Publikation: Bidrag til tidsskrift › Tidsskriftartikel › Forskning › fagfællebedømt
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TY - JOUR
T1 - The State-Level Impact of Uncertainty Shocks
AU - Mumtaz, Haroon
AU - Sunder-Plassmann, Laura
AU - Theophilopoulou, Angeliki
PY - 2018/6/5
Y1 - 2018/6/5
N2 - 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.
AB - 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.
KW - Faculty of Social Sciences
KW - C15,C32
KW - E32
KW - FAVAR
KW - stochastic volatility
KW - uncertainty shocks
KW - regional effects
U2 - 10.1111/jmcb.12509
DO - 10.1111/jmcb.12509
M3 - Journal article
VL - 50
SP - 1879
EP - 1899
JO - Journal of Money, Credit and Banking
JF - Journal of Money, Credit and Banking
SN - 0022-2879
IS - 8
ER -
ID: 198655667