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Persistence in U.S. State Unemployment Rates

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  • Peter S. Sephton

    ()
    (School of Business, Queen’s University, 143 Union Street, Kingston, ON Canada K7L 3N6)

Abstract

Romero-A´ vila and Usabiaga (2007) find that many U.S. state unemployment rates are stationary, a result at odds with the traditional view that unemployment rates are pathdependent and subject to shocks that have permanent effects. They base their results on multivariate unit root tests that provide for two breaks in mean. This note extends the analysis to directly examine whether the series were fractionally integrated. When no allowance is made for breaking means, the results suggest evidence in favor of hysteresis, an outcome that generally applies when one break in mean is considered. Allowing for two breaks demonstrates that the evidence in favor of the natural rate and the hysteresis hypotheses is temporally sensitive.

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Bibliographic Info

Article provided by Southern Economic Association in its journal Southern Economic Journal.

Volume (Year): 76 (2009)
Issue (Month): 2 (October)
Pages: 458-466

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Handle: RePEc:sej:ancoec:v:76:2:y:2009:p:458-466

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Web page: http://www.southerneconomic.org/
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Cited by:
  1. De-Chih Liu, 2011. "Hysteresis Hypothesis in Job Creation and Destruction: Evidence from the U.S," Annals of Economics and Finance, Society for AEF, vol. 12(2), pages 389-409, November.
  2. Partridge, Mark D. & Rickman, Dan S. & Olfert, M. Rose & Tan, Ying, 2012. "When spatial equilibrium fails: is place-based policy second best?," MPRA Paper 40270, University Library of Munich, Germany.

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