Economic resilience is a rising topic in the field of economics. Although there is no standard definition, most literature suggests that the concept of regional economic resilience converged to encapsulate a region’s ability to resist, recover from, and restructure itself after an economic or environmental shock. There are a multitude of methods in the literature used to measure economic resilience. All of these methods utilize either GDP, employment, or a combination of both. While both GDP and employment cycles are powerful tools for measuring the impact of a recession on an economy, they measure vastly different things and neither fully captures economic wellbeing. This work uses a lagged fixed-effect regression model to examine the recovery of both Employment and GDP from the 2008/2009 recession. By including economic, socio-economic, and industrial measures in the model we are able to show which impact resilience in terms of employment and output. With a strengthened understanding of a region’s ability to withstand and recover from economic shocks, policy makers can better prepare for future recessions.
Pominova, Mariya, "Exploring the Economic Resilience in the United States Through State GDP Output" (2018). Honors College. 469.