Texas in transition: dependence on oil and the national economy
Although Texas may once have appeared immune to national business cycles, the state's economy no longer has such immunity. The authors quantify the degree to which the Texas economy's responsiveness to oil prices and the national economy has changed. They find that Texas nonagricultural employment is 62% less sensitive to unexpected changes in real oil prices and 338% more responsive to unexpected changes in national employment. Further, the authors also develop measures of the degree of dissimilarity between the Texas and national economies. They find that these dissimilarity measures, which reflect differences in economic structure between Texas and the nation, bear a closer relation to real oil prices than does state employment. 15 references, 7 figures, 5 tables.
- Research Organization:
- Federal Reserve Bank of Dallas, TX (USA)
- OSTI ID:
- 6371080
- Journal Information:
- Econ. Rev.; (United States), Journal Name: Econ. Rev.; (United States)
- Country of Publication:
- United States
- Language:
- English
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