Response of employment to a one standard deviation change in electricity prices, results from vector autoregression
| 1 | 2 | 3 | |
|---|---|---|---|
| 0 | -0.00072% | -0.01550% | 0.01410% |
| 1 | 0.00088% | -0.01430% | 0.01610% |
| 2 | -0.00490% | -0.02070% | 0.01100% |
| 3 | -0.01510% | -0.03130% | 0.00100% |
| 4 | -0.00810% | -0.02040% | 0.00430% |
| 5 | -0.01190% | -0.02460% | 0.00082% |
| 6 | -0.01000% | -0.02110% | 0.00110% |
| 7 | -0.00910% | -0.01920% | 0.00096% |
| 8 | -0.00830% | -0.01740% | 0.00074% |
| 9 | -0.00720% | -0.01510% | 0.00074% |
| 10 | -0.00630% | -0.01330% | 0.00066% |
| 11 | -0.00550% | -0.01160% | 0.00063% |
| 12 | -0.00470% | -0.01000% | 0.00061% |
| 13 | -0.00400% | -0.00870% | 0.00058% |
| 14 | -0.00350% | -0.00750% | 0.00055% |
| 15 | -0.00290% | -0.00640% | 0.00053% |
| 16 | -0.00250% | -0.00550% | 0.00050% |
| 17 | -0.00210% | -0.00470% | 0.00048% |
| 18 | -0.00180% | -0.00410% | 0.00045% |
| 19 | -0.00150% | -0.00350% | 0.00042% |
| 20 | -0.00130% | -0.00300% | 0.00039% |
| 21 | -0.00110% | -0.00260% | 0.00037% |
| 22 | -0.00094% | -0.00220% | 0.00034% |
| 23 | -0.00080% | -0.00190% | 0.00032% |
| 24 | -0.00067% | -0.00160% | 0.00029% |
Note: Impulse response function from VAR regression as described in the text. Electricity prices are ordered first, imposing the requirement that prices are not affected by employment.
Source: Monthly employment data from the BLS CES series, monthly electricity price changes from the BLS Consumer Price Index (CPI) series
