文章基本信息

标题：A Regime-Switching Analysis of the Impact of Oil Price Changes on the Economies of U.S. States
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作者：Kang, Wei ; Penn, David ; Zietz, Joachim 等
期刊名称：The Review of Regional Studies
印刷版ISSN：0048-749X
电子版ISSN：1553-0892
出版年度：2011
卷号：41
期号：2,3
页码：81-101
出版社：Southern Regional Science Association
摘要：The study employs quarterly data from 1958:I to 2010:IV to analyze how state earnings respond to oil price changes. We allow for asymmetric and nonlinear reactions of state earnings through a smooth regime switching model. Fourteen of the 50 states are best modeled with a two regime model. The response of the remaining states can be adequately captured by a linear least squares model. The estimation results show marked differences among states in both the tolerance and the delay of response to an oil price change. The speed at which the transition occurs across regimes varies significantly by state.
关键词：state earnings growth; oil prices; asymmetry; STAR model