Energy Price Shocks and Economic Activity in Texas Cities
It is not known how exogenous shocks in oil price impact city economies. This study examines unemployment rates in Texas cities in relation to oil price movements during the period 1995–2008. We find that unemployment in the bigger cities like Austin, Dallas, and Houston, is not related to oil prices in a significant way when compared to unemployment in the smaller border cites, especially in Laredo. Although the Texas economy has become more diversified and less vulnerable to oil price movements in the last two decades, smaller border cities still experience the effect of oil price shocks, possibly through the neighboring economy of Mexico. Our data indicate significant variations in the unemployment rate in Laredo due to movements in oil price. We observe improvements in the unemployment rates in Laredo as oil price increases. Copyright International Atlantic Economic Society 2013
Year of publication: |
2013
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Authors: | Shetty, Shekar ; Iqbal, Zahid ; Alshamali, Mansour |
Published in: |
Atlantic Economic Journal. - International Atlantic Economic Society - IAES, ISSN 0197-4254. - Vol. 41.2013, 4, p. 371-383
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Publisher: |
International Atlantic Economic Society - IAES |
Saved in:
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