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A Framework for Understanding Local
Shocks to Local Labor Markets
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21 SMSAs adjustment process aggregate beneﬁts business cycles changes in labor coefﬁcient components correlation Current Population Survey deﬁnition demand and supply demand for labor demand shock dummy variables Eberts effects employ employment growth equilibrium estimates factors ﬁgure ﬁles ﬁnd ﬁndings ﬁrms ﬁrst ﬁrst-difference ﬂows goods-producing and service-producing goods-producing sector growth rates increase industry inﬂuence job reallocation justment labor force participation labor market adjustment labor supply response manufacturing ment metropolitan areas Metropolitan Statistical Areas Metropolitan Wage Differentials migration national average oil prices overshooting percent level period personal income policies population production public capital stock public infrastructure reﬂect regional labor markets regional wage differentials sample sectoral interactions Service Sector service-producing sector shifts speciﬁc spillover statistically signiﬁcant sufﬁcient supply and demand supply equation supply shock t-statistics in parentheses tion total employment two-tailed test unemployment rates wage changes wage elasticity wages and employment