Functional Data Analysis of US County-Level Post-COVID Economic Recovery
Wednesday, Aug 6: 8:50 AM - 9:05 AM
2184
Contributed Papers
Music City Center
The economic recovery after the response to the Covid-19 pandemic varied considerably across US counties. Using data from Opportunity Insights, we employ functional data techniques to model the recovery of employment among counties as a function of time. First, we regress the functional employment data on pre-2020 American Community Survey data to estimate how county demographics and industry distribution affected the course of the recovery. We compare this functional regression model with more standard panel regression techniques, like the random effects model, and demonstrate the benefits of a functional data approach. We also use cluster analysis on the functional employment data to find different recovery patterns across counties. The results from these analyses can be used to help municipalities plan and anticipate the economic impact of future similar disasters.
Functional Data Analysis
COVID-19
County-Level Employment
Cluster Analysis
Main Sponsor
Business and Economic Statistics Section
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