Regional and Sectoral Evidence of the Macroeconomic Effects of Labor Reallocation : A Panel Data Analysis

@inproceedings{Bakas2013RegionalAS,
  title={Regional and Sectoral Evidence of the Macroeconomic Effects of Labor Reallocation : A Panel Data Analysis},
  author={Dimitrios Bakas and Theodore Panagiotidis and Gianluigi Pelloni and DIMITRIOS BAKASa and THEODORE PANAGIOTIDISb and GIANLUIGI PELLONIc and Karim Abadir and Ramazan Gencay and Angelo Melino and Roberto Patuelli and Hashem Pesaran and Vasilis Sarafidis},
  year={2013}
}
This paper re-examines Lilien’s sectoral shifts hypothesis for U.S. unemployment. We employ a monthly panel that spans from 1990:01 to 2011:12 for 48 U.S. states. Panel unit root tests that allow for crosssectional dependence reveal the stationarity of unemployment. Within a framework that takes into account dynamics, parameter heterogeneity and cross-sectional dependence in the panel, we show that sectoral reallocation is significant not only at the aggregate level but also at the state level… CONTINUE READING

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