Hysteresis in Unemployment and Jobless Recoveries:
This paper develops and estimates a general equilibrium rational expectations model with search and multiple equilibria where aggregate shocks have a permanent effect on the unemployment rate. If agents' wealth decreases, the unemployment rate increases for a potentially indefinite period. This...
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1. Verfasser: | |
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Format: | Elektronisch E-Book |
Sprache: | English |
Veröffentlicht: |
Washington, D.C
International Monetary Fund
2014
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Schriftenreihe: | IMF Working Papers
Working Paper No. 14/77 |
Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
Zusammenfassung: | This paper develops and estimates a general equilibrium rational expectations model with search and multiple equilibria where aggregate shocks have a permanent effect on the unemployment rate. If agents' wealth decreases, the unemployment rate increases for a potentially indefinite period. This makes unemployment rate dynamics path dependent as in Blanchard and Summers (1987). I argue that this feature explains the persistence of the unemployment rate in the U.S. after the Great Recession and over the entire postwar period |
Beschreibung: | 1 Online-Ressource (37 p) |
ISBN: | 1484371747 9781484371749 |
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spelling | Plotnikov, Dmitry Verfasser aut Hysteresis in Unemployment and Jobless Recoveries Plotnikov, Dmitry Washington, D.C International Monetary Fund 2014 1 Online-Ressource (37 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 14/77 This paper develops and estimates a general equilibrium rational expectations model with search and multiple equilibria where aggregate shocks have a permanent effect on the unemployment rate. If agents' wealth decreases, the unemployment rate increases for a potentially indefinite period. This makes unemployment rate dynamics path dependent as in Blanchard and Summers (1987). I argue that this feature explains the persistence of the unemployment rate in the U.S. after the Great Recession and over the entire postwar period Online-Ausg http://elibrary.imf.org/view/IMF001/21311-9781484371749/21311-9781484371749/21311-9781484371749.xml Verlag URL des Erstveröffentlichers Volltext |
spellingShingle | Plotnikov, Dmitry Hysteresis in Unemployment and Jobless Recoveries |
title | Hysteresis in Unemployment and Jobless Recoveries |
title_auth | Hysteresis in Unemployment and Jobless Recoveries |
title_exact_search | Hysteresis in Unemployment and Jobless Recoveries |
title_exact_search_txtP | Hysteresis in Unemployment and Jobless Recoveries |
title_full | Hysteresis in Unemployment and Jobless Recoveries Plotnikov, Dmitry |
title_fullStr | Hysteresis in Unemployment and Jobless Recoveries Plotnikov, Dmitry |
title_full_unstemmed | Hysteresis in Unemployment and Jobless Recoveries Plotnikov, Dmitry |
title_short | Hysteresis in Unemployment and Jobless Recoveries |
title_sort | hysteresis in unemployment and jobless recoveries |
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