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The Input-Output Approach to Instrument Selection

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  • Shea, John

Abstract

This article proposes a new method of selecting demand-shift instruments for disaggregated industries. The author us es prior information from input-output tables to identify industries whose output fluctuations are likely to function as approximately exogenous shocks for other industries. After motivating this idea theoretically, he implements the input-output approach using data from the 1977 detailed input-output study. The author conducts a systematic instrument search for over 450 U.S. manufacturing industr ies and finds over 200 industries possessing plausible instruments. He concludes with a brief application, showing how input-output instruments can be used to estimate the short-run supply curve of th e cement industry.

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Bibliographic Info

Article provided by American Statistical Association in its journal Journal of Business and Economic Statistics.

Volume (Year): 11 (1993)
Issue (Month): 2 (April)
Pages: 145-55

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Handle: RePEc:bes:jnlbes:v:11:y:1993:i:2:p:145-55

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Cited by:
  1. Chad Syverson, 2004. "Market Structure and Productivity: A Concrete Example," NBER Working Papers 10501, National Bureau of Economic Research, Inc.
  2. Robert Inklaar, 2007. "Cyclical Productivity in Europe and the United States: Evaluating the Evidence on Returns to Scale and Input Utilization," Economica, London School of Economics and Political Science, vol. 74(296), pages 822-841, November.
  3. John Shea, 1999. "What Do Technology Shocks Do?," NBER Chapters, in: NBER Macroeconomics Annual 1998, volume 13, pages 275-322 National Bureau of Economic Research, Inc.
  4. John Shea, 1995. "Complementarities and Comovements," NBER Working Papers 5305, National Bureau of Economic Research, Inc.
  5. Marcello Estevao, 1996. "Measurement error and time aggregation: a closer look at estimates of output-labor elasticities," Finance and Economics Discussion Series 96-2, Board of Governors of the Federal Reserve System (U.S.).
  6. Carol Corrado & Joe Mattey, 1997. "Capacity Utilization," Journal of Economic Perspectives, American Economic Association, vol. 11(1), pages 151-167, Winter.
  7. Charlotta Groth & Hashmat Khan, 2007. "Investment adjustment costs: evidence from UK and US industries," Bank of England working papers 332, Bank of England.
  8. Marcello Estevao & Stacey Tevlin, 2000. "Do firms share their success with workers? The response of wages to product market conditions," Finance and Economics Discussion Series 2000-17, Board of Governors of the Federal Reserve System (U.S.).
  9. Mark Hooker & Michael Knetter, 1994. "Unemployment Effects of Military Spending: Evidence from a Panel of States," NBER Working Papers 4889, National Bureau of Economic Research, Inc.
  10. Considine, Timothy J. & Larson, Donald F., 2006. "The environment as a factor of production," Journal of Environmental Economics and Management, Elsevier, vol. 52(3), pages 645-662, November.
  11. Min Ouyang, 2007. "On the cyclicality of R&D: disaggregated evidence," Working Paper 0707, Federal Reserve Bank of Cleveland.

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