Estimating Employment Spillover Effects In New York City with an Application to The Stock Transfer Tax

  title={Estimating Employment Spillover Effects In New York City with an Application to The Stock Transfer Tax},
  author={Jonathan A. Schwabish},
  journal={Public Finance Review},
  pages={663 - 689}
This article examines the effect of a change in stock market trading volume on employment in the New York City securities industry. This relationship is used as the first stage in an instrumental variables model to determine the effect that securities employment has on other forms of employment in the city. The resulting elasticities imply that a 10 percent decrease in securities industry employment would depress employment in the retail, services, and restaurant sectors by more than 1 percent… 
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