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Unemployment and Productivity in the Long Run
Pierpaolo BenignoPaolo SuricoMr.Luca Antonio Ricci
其他書名
the Role of Macroeconomic Volatility
出版International Monetary Fund, 2010-11-01
主題Business & Economics / Labor / GeneralBusiness & Economics / Production & Operations Management
ISBN14552095979781455209590
URLhttp://books.google.com.hk/books?id=epUYEAAAQBAJ&hl=&source=gbs_api
EBookSAMPLE
註釋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.