Impacts of Shocks to U.S. Macroeconomic Variables on the Regional Economy of Georgia

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2024-07-24 DOI:10.1177/01600176241267235

Yongseung Han

引用次数: 0

Abstract

This paper develops a way to analyze a regional economy and a large economy within a model. Using structural autoregression with block exogeneity and mutual independence assumptions as well as Cholesky factorization, we quantify the impacts of shocks to U.S. macroeconomic variables on the regional economy of Georgia. We found that the largest impact on Georgia's aggregate variables - consumer prices, real per capita personal income, and total employment - is the federal funds rate. For other shocks, Georgia's personal income is most affected by an increase in commodity prices, while Georgia's consumer prices are most affected by U.S. inflation. At the industry level, we found that the impact of real GDP is the largest and the impact of M2 is the smallest on output and employment in Georgia's industries, although the magnitude of the impact on employment is smaller and more short-lived than on output.

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美国宏观经济变量冲击对格鲁吉亚地区经济的影响

本文提出了在一个模型中分析地区经济和大型经济的方法。我们利用结构自回归与分块外生性和相互独立性假设以及 Cholesky 因子化，量化了美国宏观经济变量的冲击对佐治亚州地区经济的影响。我们发现，联邦基金利率对佐治亚州的总体变量（消费价格、实际人均个人收入和总就业人数）影响最大。就其他冲击而言，商品价格上涨对佐治亚州个人收入的影响最大，而美国通货膨胀对佐治亚州消费价格的影响最大。在行业层面，我们发现实际 GDP 对佐治亚州各行业的产出和就业的影响最大，而 M2 的影响最小，尽管与产出相比，M2 对就业的影响程度更小，持续时间更短。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.