Kang, Wei; Penn, David A.; Zietz, Joachim - In: The Review of Regional Studies 41 (2011) 2,3, pp. 81-101
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...