@article{Yamashiro:132307,
      recid = {132307},
      author = {Yamashiro, Guy and Grobar, Lisa},
      title = {Macroeconomic Shocks and Regional Employment: The Case of  Southern California},
      journal = {Journal of Regional Analysis and Policy},
      address = {2005},
      number = {1100-2016-89999},
      pages = {14},
      year = {2005},
      abstract = {In this study, we specify a disaggregated vector  autoregression model (VAR) to analyze the behavior
of  employment in three Southern California counties during two  different types of aggregate economic
downturns. Using this  model, we estimate the impact of hypothetical, one-time  shocks to macroeconomic
variables, on employment levels by  county. The two adverse shocks that we examine are a  monetary (demand)
shock, and an oil price (supply) shock.  Our empirical framework allows us to examine, within a  single
model, the dynamic behavior of employment during  these downturns. We provide evidence that even
within  regional economies in the United States, employment levels  respond differentially to macroeconomic
shocks. Our model  also allows us to examine how the impact of these shocks on  total county employment
has changed over time. In  particular, we find that, over the sample period, total  employment
across Southern California has become less  sensitive to oil price shocks.},
      url = {http://ageconsearch.umn.edu/record/132307},
      doi = {https://doi.org/10.22004/ag.econ.132307},
}