Article
Q1 2003
Business Review — Local economies are subject to different types of shocks. Usually, the fortunes of local economies depend on a confluence of national, sectoral, and local shocks. That raises a question: Does one type of shock systematically buffet local economies more than another?
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The answer has important implications for both academic researchers and policymakers. Jerry Carlino examines the evidence to see which type of shock most likely explains fluctuations in local employment.
This article appeared in the First Quarter 2003 edition of Business Review.
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