Abstract

http://ssrn.com/abstract=1731042
 
 

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The Dynamic Effects of U.S. Monetary Policy on State Unemployment


Dimitris Korobilis


University of Glasgow - Adam Smith Business School

Michelle Gilmartin


affiliation not provided to SSRN

December 17, 2010


Abstract:     
This paper studies the transmission of monetary shocks to state unemployment rates, within a novel structural factor-augmented VAR framework with a time-varying propagation mechanism. We find evidence of large heterogeneity over time in the responses of state unemployment rates to monetary policy shocks, which do not necessarily comply with the response of the national unemployment rate. We also find evidence of heterogeneity over the spatial dimension, although geographical proximity seems to play an important role in the transmission of monetary shocks.

Number of Pages in PDF File: 18

Keywords: regional unemployment, structural VAR, factor model, monetary policy

JEL Classification: R15, C11, E52

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Date posted: December 25, 2010  

Suggested Citation

Korobilis, Dimitris and Gilmartin, Michelle, The Dynamic Effects of U.S. Monetary Policy on State Unemployment (December 17, 2010). Available at SSRN: http://ssrn.com/abstract=1731042 or http://dx.doi.org/10.2139/ssrn.1731042

Contact Information

Dimitris Korobilis (Contact Author)
University of Glasgow - Adam Smith Business School ( email )
40 University Avenue
Gilbert Scott Building
Glasgow, Scotland G12 8QQ
United Kingdom
447927411207 (Phone)
Michelle Gilmartin
affiliation not provided to SSRN ( email )
Feedback to SSRN


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References:  25

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