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The hollowing out process in the Chicago economy, 1975-2011
The metropolitan economy of Chicago has experienced a significant transformation in its economic structure over the past twenty years. Using a method for extraction of inputoutput tables that has been described elsewhere, it has been possible to produce an economic photograph of the Chicago region, annually, for the period 19752011. This paper explores the nature of these structural changes through examination of the changes in the composition of the Leontief multipliers and changes in the economic landscapes interpreted through application of the multiplier product matrix. The resulting ...
Forecasting structural change with a regional econometric input-output model
The sophistication of regional economic models has been demonstrated in several ways, most recently in the form of linking several modeling systems or in the expansion in the number of equations that can be manipulated successfully to produce impact analyses or forecasts. In this paper, an alternative perspective is employed. What do regional macro-level forecasts indicate about the process of structural change? A new methodology is illustrated that enables analysts to make forecasts of detailed structural change in the interindustry relations in an economy. Using a regional ...