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Our solution involves specifying counterfactual shocks that may as well have been realized and adjusting for a summary measure of nonrandomness in shock exposure: the average treatment (or instrument) across shock counterfactuals. We use this approach to address bias when estimating employment effects of market access growth from Chinese high\u2010speed rail construction.<\/jats:p>","DOI":"10.3982\/ecta19367","type":"journal-article","created":{"date-parts":[[2023,12,6]],"date-time":"2023-12-06T07:55:13Z","timestamp":1701849313000},"page":"2155-2185","source":"Crossref","is-referenced-by-count":186,"title":["Nonrandom Exposure to Exogenous Shocks"],"prefix":"10.3982","volume":"91","author":[{"given":"Kirill","family":"Borusyak","sequence":"first","affiliation":[{"name":"Department of Agricultural and Resource Economics, UC Berkeley"},{"name":"CEPR"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Peter","family":"Hull","sequence":"additional","affiliation":[{"name":"Department of Economics, Brown 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