Modelling the behaviour of unemployment rates in the US over time and across space

This paper provides evidence that unemployment rates across US states are stationary and therefore behave according to the natural rate hypothesis. We provide new insights by considering the effect of key variables on the speed of adjustment associated with unemployment shocks. A highly-dimensional...

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Fecha de publicación:
2013
Institución:
Universidad del Rosario
Repositorio:
Repositorio EdocUR - U. Rosario
Idioma:
eng
OAI Identifier:
oai:repository.urosario.edu.co:10336/22805
Acceso en línea:
https://doi.org/10.1016/j.physa.2013.07.023
https://repository.urosario.edu.co/handle/10336/22805
Palabra clave:
Half lives
Key variables
Market integration
Quantile regression
Unemployment
Unemployment rates
Var analysis
Employment
Population statistics
Market integration
Speed of adjustment
Unemployment
Rights
License
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spelling eb727fd3-c31e-4a26-8c50-6f3fee0e65b3-15d0b120d-c27b-4e6f-9263-532c0ef0eef9-1792428146002020-05-25T23:58:07Z2020-05-25T23:58:07Z2013This paper provides evidence that unemployment rates across US states are stationary and therefore behave according to the natural rate hypothesis. We provide new insights by considering the effect of key variables on the speed of adjustment associated with unemployment shocks. A highly-dimensional VAR analysis of the half-lives associated with shocks to unemployment rates in pairs of states suggests that the distance between states and vacancy rates respectively exert a positive and negative influence. We find that higher homeownership rates do not lead to higher half-lives. When the symmetry assumption is relaxed through quantile regression, support for the Oswald hypothesis through a positive relationship between homeownership rates and half-lives is found at the higher quantiles. © 2013 Elsevier B.V. All rights reserved.application/pdfhttps://doi.org/10.1016/j.physa.2013.07.0233784371https://repository.urosario.edu.co/handle/10336/22805eng5722No. 225711Physica A: Statistical Mechanics and its ApplicationsVol. 392Physica A: Statistical Mechanics and its Applications, ISSN:3784371, Vol.392, No.22 (2013); pp. 5711-5722https://www.scopus.com/inward/record.uri?eid=2-s2.0-84883454196&doi=10.1016%2fj.physa.2013.07.023&partnerID=40&md5=198e45b559fefeef93f308c2c94126f3Abierto (Texto Completo)http://purl.org/coar/access_right/c_abf2instname:Universidad del Rosarioreponame:Repositorio Institucional EdocURHalf livesKey variablesMarket integrationQuantile regressionUnemploymentUnemployment ratesVar analysisEmploymentPopulation statisticsMarket integrationSpeed of adjustmentUnemploymentModelling the behaviour of unemployment rates in the US over time and across spacearticleArtículohttp://purl.org/coar/version/c_970fb48d4fbd8a85http://purl.org/coar/resource_type/c_6501Holmes, Mark J.Panagiotidis, TheodoreOtero Cardona, Jesús GilbertoORIGINAL1-s2-0-S037843711300633X-main.pdfapplication/pdf578780https://repository.urosario.edu.co/bitstreams/5ce5eb85-56fb-4429-8070-4f377347cd70/downloadc737a4914a77e3d45261c9354c311601MD51TEXT1-s2-0-S037843711300633X-main.pdf.txt1-s2-0-S037843711300633X-main.pdf.txtExtracted texttext/plain55403https://repository.urosario.edu.co/bitstreams/b150525b-e9a5-4876-8c1f-619d8bba80aa/downloada18f51f16d63b20974fbf3f5d60351edMD52THUMBNAIL1-s2-0-S037843711300633X-main.pdf.jpg1-s2-0-S037843711300633X-main.pdf.jpgGenerated Thumbnailimage/jpeg4186https://repository.urosario.edu.co/bitstreams/db20436a-45df-43e4-844d-f38a90e4cab7/downloadad20156f08fdb4697f4c2e74831035c8MD5310336/22805oai:repository.urosario.edu.co:10336/228052022-05-02 07:37:14.383977https://repository.urosario.edu.coRepositorio institucional EdocURedocur@urosario.edu.co
dc.title.spa.fl_str_mv Modelling the behaviour of unemployment rates in the US over time and across space
title Modelling the behaviour of unemployment rates in the US over time and across space
spellingShingle Modelling the behaviour of unemployment rates in the US over time and across space
Half lives
Key variables
Market integration
Quantile regression
Unemployment
Unemployment rates
Var analysis
Employment
Population statistics
Market integration
Speed of adjustment
Unemployment
title_short Modelling the behaviour of unemployment rates in the US over time and across space
title_full Modelling the behaviour of unemployment rates in the US over time and across space
title_fullStr Modelling the behaviour of unemployment rates in the US over time and across space
title_full_unstemmed Modelling the behaviour of unemployment rates in the US over time and across space
title_sort Modelling the behaviour of unemployment rates in the US over time and across space
dc.subject.keyword.spa.fl_str_mv Half lives
Key variables
Market integration
Quantile regression
Unemployment
Unemployment rates
Var analysis
Employment
Population statistics
Market integration
Speed of adjustment
Unemployment
topic Half lives
Key variables
Market integration
Quantile regression
Unemployment
Unemployment rates
Var analysis
Employment
Population statistics
Market integration
Speed of adjustment
Unemployment
description This paper provides evidence that unemployment rates across US states are stationary and therefore behave according to the natural rate hypothesis. We provide new insights by considering the effect of key variables on the speed of adjustment associated with unemployment shocks. A highly-dimensional VAR analysis of the half-lives associated with shocks to unemployment rates in pairs of states suggests that the distance between states and vacancy rates respectively exert a positive and negative influence. We find that higher homeownership rates do not lead to higher half-lives. When the symmetry assumption is relaxed through quantile regression, support for the Oswald hypothesis through a positive relationship between homeownership rates and half-lives is found at the higher quantiles. © 2013 Elsevier B.V. All rights reserved.
publishDate 2013
dc.date.created.spa.fl_str_mv 2013
dc.date.accessioned.none.fl_str_mv 2020-05-25T23:58:07Z
dc.date.available.none.fl_str_mv 2020-05-25T23:58:07Z
dc.type.eng.fl_str_mv article
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dc.type.spa.spa.fl_str_mv Artículo
dc.identifier.doi.none.fl_str_mv https://doi.org/10.1016/j.physa.2013.07.023
dc.identifier.issn.none.fl_str_mv 3784371
dc.identifier.uri.none.fl_str_mv https://repository.urosario.edu.co/handle/10336/22805
url https://doi.org/10.1016/j.physa.2013.07.023
https://repository.urosario.edu.co/handle/10336/22805
identifier_str_mv 3784371
dc.language.iso.spa.fl_str_mv eng
language eng
dc.relation.citationEndPage.none.fl_str_mv 5722
dc.relation.citationIssue.none.fl_str_mv No. 22
dc.relation.citationStartPage.none.fl_str_mv 5711
dc.relation.citationTitle.none.fl_str_mv Physica A: Statistical Mechanics and its Applications
dc.relation.citationVolume.none.fl_str_mv Vol. 392
dc.relation.ispartof.spa.fl_str_mv Physica A: Statistical Mechanics and its Applications, ISSN:3784371, Vol.392, No.22 (2013); pp. 5711-5722
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