Unemployment and Productivity in the Long Run :: the Role of Macroeconomic Volatility /
We propose a theory of low-frequency movements in unemployment based on asymmetric real wage rigidities. The theory generates two main predictions: long-run unemployment increases with (i) a fall in long-run productivity growth and (ii) a rise in the variance of productivity growth. Evidence based o...
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| Weitere Verfasser: | , |
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C. :
International Monetary Fund,
2010.
|
| Schriftenreihe: | IMF working paper ;
Working Paper no. 10/259. |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | We propose a theory of low-frequency movements in unemployment based on asymmetric real wage rigidities. The theory generates two main predictions: long-run unemployment increases with (i) a fall in long-run productivity growth and (ii) a rise in the variance of productivity growth. Evidence based on U.S. time series and on an international panel strongly supports these predictions. The empirical specifications featuring the variance of productivity growth can account for two U.S. episodes which a linear model based only on long-run productivity growth cannot fully explain. These are the decline in long-run unemployment over the 1980s and its rise during the late 2000s. |
| Beschreibung: | 1 online resource (49 pages) |
| ISBN: | 1455216860 9781455216864 |
Internformat
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| 100 | 1 | |a Surico, Paolo. | |
| 245 | 1 | 0 | |a Unemployment and Productivity in the Long Run : |b the Role of Macroeconomic Volatility / |c Surico, Paolo. |
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| 520 | 3 | |a We propose a theory of low-frequency movements in unemployment based on asymmetric real wage rigidities. The theory generates two main predictions: long-run unemployment increases with (i) a fall in long-run productivity growth and (ii) a rise in the variance of productivity growth. Evidence based on U.S. time series and on an international panel strongly supports these predictions. The empirical specifications featuring the variance of productivity growth can account for two U.S. episodes which a linear model based only on long-run productivity growth cannot fully explain. These are the decline in long-run unemployment over the 1980s and its rise during the late 2000s. | |
| 650 | 0 | |a Unemployment. |0 http://id.loc.gov/authorities/subjects/sh85139643 | |
| 650 | 0 | |a Industrial productivity. |0 http://id.loc.gov/authorities/subjects/sh85065915 | |
| 650 | 0 | |a Macroeconomics. |0 http://id.loc.gov/authorities/subjects/sh85079443 | |
| 650 | 6 | |a Productivité. | |
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| 700 | 1 | |a Benigno, Pierpaolo. | |
| 700 | 1 | |a Ricci, Luca Antonio. | |
| 700 | 1 | |a Surico, Paolo. | |
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| id | ZDB-4-EBU-on1124535358 |
| illustrated | Not Illustrated |
| indexdate | 2024-11-26T14:49:35Z |
| institution | BVB |
| isbn | 1455216860 9781455216864 |
| language | English |
| oclc_num | 1124535358 |
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| physical | 1 online resource (49 pages) |
| psigel | ZDB-4-EBU |
| publishDate | 2010 |
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| publisher | International Monetary Fund, |
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| series | IMF working paper ; |
| series2 | IMF Working Papers ; |
| spelling | Surico, Paolo. Unemployment and Productivity in the Long Run : the Role of Macroeconomic Volatility / Surico, Paolo. Washington, D.C. : International Monetary Fund, 2010. 1 online resource (49 pages) text txt rdacontent computer c rdamedia online resource cr rdacarrier IMF Working Papers ; Working Paper No. 10/259 We propose a theory of low-frequency movements in unemployment based on asymmetric real wage rigidities. The theory generates two main predictions: long-run unemployment increases with (i) a fall in long-run productivity growth and (ii) a rise in the variance of productivity growth. Evidence based on U.S. time series and on an international panel strongly supports these predictions. The empirical specifications featuring the variance of productivity growth can account for two U.S. episodes which a linear model based only on long-run productivity growth cannot fully explain. These are the decline in long-run unemployment over the 1980s and its rise during the late 2000s. Unemployment. http://id.loc.gov/authorities/subjects/sh85139643 Industrial productivity. http://id.loc.gov/authorities/subjects/sh85065915 Macroeconomics. http://id.loc.gov/authorities/subjects/sh85079443 Productivité. Macroéconomie. Industrial productivity fast Macroeconomics fast Unemployment fast Benigno, Pierpaolo. Ricci, Luca Antonio. IMF working paper ; Working Paper no. 10/259. http://id.loc.gov/authorities/names/no89010263 FWS01 ZDB-4-EBU FWS_PDA_EBU https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=2083913 Volltext |
| spellingShingle | Surico, Paolo Unemployment and Productivity in the Long Run : the Role of Macroeconomic Volatility / IMF working paper ; Unemployment. http://id.loc.gov/authorities/subjects/sh85139643 Industrial productivity. http://id.loc.gov/authorities/subjects/sh85065915 Macroeconomics. http://id.loc.gov/authorities/subjects/sh85079443 Productivité. Macroéconomie. Industrial productivity fast Macroeconomics fast Unemployment fast |
| subject_GND | http://id.loc.gov/authorities/subjects/sh85139643 http://id.loc.gov/authorities/subjects/sh85065915 http://id.loc.gov/authorities/subjects/sh85079443 |
| title | Unemployment and Productivity in the Long Run : the Role of Macroeconomic Volatility / |
| title_auth | Unemployment and Productivity in the Long Run : the Role of Macroeconomic Volatility / |
| title_exact_search | Unemployment and Productivity in the Long Run : the Role of Macroeconomic Volatility / |
| title_full | Unemployment and Productivity in the Long Run : the Role of Macroeconomic Volatility / Surico, Paolo. |
| title_fullStr | Unemployment and Productivity in the Long Run : the Role of Macroeconomic Volatility / Surico, Paolo. |
| title_full_unstemmed | Unemployment and Productivity in the Long Run : the Role of Macroeconomic Volatility / Surico, Paolo. |
| title_short | Unemployment and Productivity in the Long Run : |
| title_sort | unemployment and productivity in the long run the role of macroeconomic volatility |
| title_sub | the Role of Macroeconomic Volatility / |
| topic | Unemployment. http://id.loc.gov/authorities/subjects/sh85139643 Industrial productivity. http://id.loc.gov/authorities/subjects/sh85065915 Macroeconomics. http://id.loc.gov/authorities/subjects/sh85079443 Productivité. Macroéconomie. Industrial productivity fast Macroeconomics fast Unemployment fast |
| topic_facet | Unemployment. Industrial productivity. Macroeconomics. Productivité. Macroéconomie. Industrial productivity Macroeconomics Unemployment |
| url | https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=2083913 |
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