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Persistent shocks and incomplete regional adjustment: a model-averaging approach
Two competing paradigms to modelling the impacts of regional economic shocks have arisen: ‘disequilibrium’ models, which predict that regional economies eventually fully recover, and ‘no-equilibrium’ models, which predict economic shocks have a permanent effect. To address this controversy, we adapt contemporary model-averaging methods to optimally combine both paradigms and thereby permit intermediate cases in which recoveries can be partial. Applying our method to a set of labour market models that span the disequilibrium and no-equilibrium paradigms, we find that regional recoveries are incomplete, implying that downturns have long-lasting effects on regional unemployment rates.
Persistent shocks and incomplete regional adjustment: a model-averaging approach
Two competing paradigms to modelling the impacts of regional economic shocks have arisen: ‘disequilibrium’ models, which predict that regional economies eventually fully recover, and ‘no-equilibrium’ models, which predict economic shocks have a permanent effect. To address this controversy, we adapt contemporary model-averaging methods to optimally combine both paradigms and thereby permit intermediate cases in which recoveries can be partial. Applying our method to a set of labour market models that span the disequilibrium and no-equilibrium paradigms, we find that regional recoveries are incomplete, implying that downturns have long-lasting effects on regional unemployment rates.
Persistent shocks and incomplete regional adjustment: a model-averaging approach
Greenaway-McGrevy, Ryan (author) / Hood, Kyle K. (author)
Regional Studies ; 56 ; 371-380
2022-03-04
10 pages
Article (Journal)
Electronic Resource
Unknown
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