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Regulators’ Budget & Jobs: An Update Open Access

Recent commentary on our Regulatory Studies Center Working Paper, “Regulation, Jobs, and Economic Growth: An Empirical Analysis” made the valid point that inclusion of a time trend in our estimates would improve the robustness of our model. Thus in this commentary, we update our preferred model to include an exogenous time trend. The impulse response functions after including a time trend in the model are presented in Figure 1 on the following page.1 As the Phoenix Center for Advanced Legal and Economic Public Policy Studies Policy Perspective No. 12-01, “Regulatory Expenditures, Economic Growth and Jobs: A Reply to Comments,” claimed, this does result in a negative point estimate for the impact of an increase in the Regulators’ Budget on private employment and, for some periods, private GDP. However, based on the traditional two standard deviation confidence intervals we report here, none of the estimates are statistically significantly different from zero. This finding is consistent with the overall conclusions of our Regulatory Policy Commentary and our Working Paper.

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