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Hysteresis And The European Unemployment Problem Revisited
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Book Synopsis Hysteresis and the European Unemployment Problem Revisited by : Jordi Galí
Download or read book Hysteresis and the European Unemployment Problem Revisited written by Jordi Galí and published by . This book was released on 2015 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: The unemployment rate in the euro area appears to contain a significant nonstationary component, suggesting that some shocks have permanent effects on that variable. I explore possible sources of this nonstationarity through the lens of a New Keynesian model with unemployment, and assess their empirical relevance.
Book Synopsis Hysteresis and the European Unemployment Problem Revisited by :
Download or read book Hysteresis and the European Unemployment Problem Revisited written by and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Hysteresis and the European unemployment problem by : Olivier Blanchard
Download or read book Hysteresis and the European unemployment problem written by Olivier Blanchard and published by . This book was released on 1988 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Hysteresis and the European Unemployment Problem by : Olivier J. Blanchard
Download or read book Hysteresis and the European Unemployment Problem written by Olivier J. Blanchard and published by . This book was released on 1986 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Hysteresis and the European Unemployment Problem by :
Download or read book Hysteresis and the European Unemployment Problem written by and published by . This book was released on 1986 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis European Unemployment and Turbulence Revisited in a Matching Model by : Lars Ljungqvist
Download or read book European Unemployment and Turbulence Revisited in a Matching Model written by Lars Ljungqvist and published by . This book was released on 2004 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis European Unemployment Revisited by : Giuseppe Bertola
Download or read book European Unemployment Revisited written by Giuseppe Bertola and published by . This book was released on 2016 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper painstakingly restores a vintage empirical model of unemployment determination by interacting shocks and institutions, and runs it on recent data featuring dramatic shocks and controversial institutional change. Theoretical insights and empirical results suggest that reforms and capital flows contribute sensible and interrelated explanations for the recent twists and turns of unemployment rates in Europe and elsewhere.
Book Synopsis Hysteresis Revisited by : R. H. Jones
Download or read book Hysteresis Revisited written by R. H. Jones and published by . This book was released on 1987 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Hysteresis in West German Unemployment Reconsidered by : Michael Reutter
Download or read book Hysteresis in West German Unemployment Reconsidered written by Michael Reutter and published by . This book was released on 2005 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The view that high unemployment in West Germany and other European countries is caused by a path dependence effect - or "hysteresis" effect - is quite popular among economists. However, because of an identification problem, much of the empirical evidence for this hypothesis is not fully convincing. This paper suggests a testing procedure that overcomes this problem. It is argued that in a cointegration framework it is reasonable to define hysteresis as the absence of weak exogeneity of the explanatory variables. Building on a cointegration model of the employment rate in West Germany, I find only weak evidence for hysteresis.
Book Synopsis Hysteresis in Unemployment Revisited by : Jun-De Lee
Download or read book Hysteresis in Unemployment Revisited written by Jun-De Lee and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper applies the panel LM unit root tests with heterogeneous structural breaks in level by Im"et al. (Oxford Bulletin of Economics and Statistics, 67 (2005), pp. 393-419) to re-examine the validity of hysteresis in the unemployment rates of 19 OECD countries. Our empirical findings are favourable to the stationarity of the unemployment rates, i.e., the unemployment hysteresis hypothesis is strongly rejected. Our results suggest that shocks to unemployment rates are temporary and soon converge when we control for breaks. A major policy implication of the study is that a fiscal or monetary stabilization policy would not have permanent effects on the unemployment rates of the 19 OECD countries.
Book Synopsis Hysteresis and Business Cycles by : Ms.Valerie Cerra
Download or read book Hysteresis and Business Cycles written by Ms.Valerie Cerra and published by International Monetary Fund. This book was released on 2020-05-29 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as “hysteresis,” argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and theoretical literature that motivate this paradigm shift. The renewed interest in hysteresis has been sparked by the persistence of the Global Financial Crisis and fears of a slow recovery from the Covid-19 crisis. The findings of the recent literature have far-reaching conceptual and policy implications. In recessions, monetary and fiscal policies need to be more active to avoid the permanent scars of a downturn. And in good times, running a high-pressure economy could have permanent positive effects.
Book Synopsis Inflation and Activity – Two Explorations and their Monetary Policy Implications by : Mr.Olivier J. Blanchard
Download or read book Inflation and Activity – Two Explorations and their Monetary Policy Implications written by Mr.Olivier J. Blanchard and published by International Monetary Fund. This book was released on 2015-11-06 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: We explore two issues triggered by the crisis. First, in most advanced countries, output remains far below the pre-recession trend, suggesting hysteresis. Second, while inflation has decreased, it has decreased less than anticipated, suggesting a breakdown of the relation between inflation and activity. To examine the first, we look at 122 recessions over the past 50 years in 23 countries. We find that a high proportion of them have been followed by lower output or even lower growth. To examine the second, we estimate a Phillips curve relation over the past 50 years for 20 countries. We find that the effect of unemployment on inflation, for given expected inflation, decreased until the early 1990s, but has remained roughly stable since then. We draw implications of our findings for monetary policy.
Book Synopsis NBER Macroeconomics Annual 1986 by :
Download or read book NBER Macroeconomics Annual 1986 written by and published by . This book was released on 1986 with total page 409 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Is Unemployment on Steroids in Advanced Economies? by : Gabriel Di Bella
Download or read book Is Unemployment on Steroids in Advanced Economies? written by Gabriel Di Bella and published by International Monetary Fund. This book was released on 2018-07-24 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite conventional macroeconomic theory is based on the idea that demand shocks can only have temporary effects on unemployment, several European economies display highly persistent unemployment dynamics. The theory of hysteresis challenges this view and points out that, under certain conditions, demand disturbances can have permanent effects. In this paper, we find strong empirical evidence of unemployment hysteresis in advanced economies since the 1990s. Relying on an identification scheme instigated by an insider/outsider model, we study the effects of demand shocks allowing for cross-country heterogeneous dynamics, and exploit such heterogeneity to investigate what institutional settings have the potential to soften or amplify the effects of demand shocks. Our results indicate that strengthening labor market institutions that promote a faster adjustment of real wages, removing disincentives for firms to hire and for workers to be employed, and improving the matching between labor supply and labor demand can lessen the effects of adverse demand shocks and lead to a faster reversion of unemployment rates to pre-shock levels.
Book Synopsis New Challenges for Macroeconomic Policies by : Gilles Dufrénot
Download or read book New Challenges for Macroeconomic Policies written by Gilles Dufrénot and published by Springer Nature. This book was released on 2023-03-10 with total page 464 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the economic policies that will underpin the evolution of growth in industrialised economies in coming decades. The change in focus of policymakers away from short-term regulation and policies towards problems of structural change is discussed in relation to the Taylor rule and Fisher relationship. Both empirical observations and quantitative analyses are utilised to explore diverse but interrelating topics, including interest rates dynamics, macroeconomic equilibrium, economic vulnerability, poverty and inequality, environmental sustainability, and monetary and fiscal policies. This book aims to propose policies that can produce economic growth without compromising social stability and environmental balances. It will be of interest to researchers and policymakers working within economic development and policy.
Book Synopsis Boosting European Competitiveness by : Marek Belka
Download or read book Boosting European Competitiveness written by Marek Belka and published by Edward Elgar Publishing. This book was released on 2016-10-28 with total page 223 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the global financial crisis, competitiveness gaps between Euro area countries caused additional strain. This book discusses the various dimensions of competitiveness, with a special focus on Central, Eastern and Southeastern Europe. With products becoming ever more technically sophisticated and global interconnectedness on a relentless rise, quality, customer orientation and participation in production networks are as important as relative costs and prices. For Europe to proceed with convergence and to resist global competitive pressures, policies to boost productivity and innovation are therefore vital.
