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The Input-Output Approach to Instrument Selection

Author

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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.

Suggested Citation

  • Shea, John, 1993. "The Input-Output Approach to Instrument Selection," Journal of Business & Economic Statistics, American Statistical Association, vol. 11(2), pages 145-155, April.
  • Handle: RePEc:bes:jnlbes:v:11:y:1993:i:2:p:145-55
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    Citations

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    Cited by:

    1. Atkenson, Andrew & Khan, Aubhik & Ohanian, Lee, 1996. "Are data on industry evolution and gross job turnover relevant for macroeconomics?," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 44(1), pages 215-239, June.
    2. repec:dgr:rugggd:200574 is not listed on IDEAS
    3. repec:bla:jecrev:v:68:y:2017:i:2:p:137-157 is not listed on IDEAS
    4. Carol Corrado & Joe Mattey, 1997. "Capacity Utilization," Journal of Economic Perspectives, American Economic Association, vol. 11(1), pages 151-167, Winter.
    5. 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.
    6. Chad Syverson, 2004. "Market Structure and Productivity: A Concrete Example," Journal of Political Economy, University of Chicago Press, vol. 112(6), pages 1181-1222, December.
    7. Eugenia Nazrullaeva, 2008. "Measurement of technological progress in Russia (in Russian)," Quantile, Quantile, issue 5, pages 59-82, September.
    8. Charlotta Groth & Hashmat Khan, 2007. "Investment adjustment costs: evidence from UK and US industries," Bank of England working papers 332, Bank of England.
    9. Dobbelaere, Sabien & Kiyota, Kozo & Mairesse, Jacques, 2015. "Product and labor market imperfections and scale economies: Micro-evidence on France, Japan and the Netherlands," Journal of Comparative Economics, Elsevier, vol. 43(2), pages 290-322.
    10. 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.
    11. Marcello Estevao & Stacey Tevlin, 2003. "Do Firms Share their Success with Workers? The Response of Wages to Product Market Conditions," Economica, London School of Economics and Political Science, vol. 70(280), pages 597-617, November.
    12. 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.).
    13. 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.
    14. John Shea, 1995. "Complementarities and Comovements," NBER Working Papers 5305, National Bureau of Economic Research, Inc.
    15. Chang, Andrew C., 2014. "Tax Policy Endogeneity: Evidence from R&D Tax Credits," Finance and Economics Discussion Series 2014-101, Board of Governors of the Federal Reserve System (U.S.).
    16. 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.
    17. Shea, John, 1996. "Comovement in cities," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 44(1), pages 169-206, June.
    18. Marcello Estevao, "undated". "Measurement Error and Time Aggregation: A Closer Look at Estimates of Output-Labor Elasticities," Finance and Economics Discussion Series 1996-02, Board of Governors of the Federal Reserve System (U.S.).
    19. Min Ouyang, 2007. "On the cyclicality of R&D: disaggregated evidence," Working Paper 0707, Federal Reserve Bank of Cleveland.

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