County-Level Unemployment and Participation in Lake Recreation
| I | II | III | IV | V | |
|---|---|---|---|---|---|
| Panel a. Unbalanced Sample; Observations from 2009 with at Least One Additional Observation in Any of the Prerecession Years | |||||
| County unemployment rate | –0.053 (0.028) | –0.040* (0.018) | –0.017 (0.009) | –0.044 (0.021) | –0.009 (0.025) |
| Recession year | –0.219** (0.057) | –0.146** (0.047) | –0.197*** (0.042) | –0.142* (0.061) | –0.103 (0.098) |
| Recession × County unemployment rate | 0.041* (0.017) | 0.033** (0.011) | 0.019* (0.008) | 0.034 (0.016) | 0.001 (0.021) |
| Linear trend | Yes | ||||
| Quadratic trend | Yes | ||||
| County-specific trend | Yes | ||||
| County-specific quadratic trend | Yes | ||||
| Sample size | 3,035 | 3,035 | 3,035 | 3,035 | 3,035 |
| Panel b. Unbalanced Sample; 2004 is the Placebo Recession Year | |||||
| County unemployment rate | –0.031** (0.007) | –0.01 (0.007) | –0.012 (0.009) | –0.013 (0.007) | –0.026** (0.009) |
| Recession year | –0.058 (0.051) | –0.052 (0.047) | –0.049 (0.045) | –0.06 (0.045) | –0.077 (0.068) |
| Recession × County unemployment rate | 0.00 (0.010) | –0.001 (0.010) | –0.001 (0.010) | 0.001 (0.009) | 0.007 (0.014) |
| Linear trend | Yes | ||||
| Quadratic trend | Yes | ||||
| County-specific trend | Yes | ||||
| County-specific quadratic trend | Yes | ||||
| Sample size | 3,035 | 3,035 | 3,035 | 3,035 | 3,035 |
| Panel c. Sample Used in Matching Exercise | |||||
| County unemployment rate | –0.058 (0.031) | –0.044* (0.017) | –0.017 (0.013) | –0.037 (0.024) | 0.055 (0.038) |
| Recession year | –0.162* (0.074) | –0.088 (0.047) | –0.140** (0.044) | –0.018 (0.099) | 0.148 (0.168) |
| Recession × County unemployment rate | 0.036 (0.021) | 0.028* (0.012) | 0.011 (0.012) | 0.015 (0.023) | –0.065 (0.036) |
| Linear trend | Yes | ||||
| Quadratic trend | Yes | ||||
| County-specific trend | Yes | ||||
| County-specific quadratic trend | Yes | ||||
| Sample size | 971 | 971 | 971 | 971 | 971 |
Note: Standard errors are clustered at the county and year levels, and reported in parentheses. In panel (b), we assume 2004 as the placebo recession year. The results are similar if we assume 2002 or 2003 as the placebo recession year.
↵*, **, *** Statistical significance at the 10%, 5%, and 1% levels, respectively.