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Some Further Evidence On Hysteresis In Unemployment Rates
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Book Synopsis Some Further Evidence on Hysteresis in Unemployment Rates by : Bengt Assarsson
Download or read book Some Further Evidence on Hysteresis in Unemployment Rates written by Bengt Assarsson and published by . This book was released on 1995 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 Some Evidence on Hysteresis in Unemployment Rates by : Albert Jaeger
Download or read book Some Evidence on Hysteresis in Unemployment Rates written by Albert Jaeger and published by . This book was released on 1991 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Hysteresis in Unemployment by : Laurence M. Ball
Download or read book Hysteresis in Unemployment written by Laurence M. Ball and published by . This book was released on 2009 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: This paper argues that hysteresis helps explain the long-run behavior of unemployment. The natural rate of unemployment is influenced by the path of actual unemployment, and hence by shifts in aggregate demand. I review past evidence for hysteresis effects and present new evidence for 20 developed countries. A central finding is that large increases in the natural rate are associated with disinflations, and large decreases with run-ups in inflation. These facts are consistent with hysteresis theories and inconsistent with theories in which the natural rate is independent of aggregate demand.
Book Synopsis Hysteresis in Labor Markets? Evidence from Professional Long-Term Forecasts by : Mr.John C Bluedorn
Download or read book Hysteresis in Labor Markets? Evidence from Professional Long-Term Forecasts written by Mr.John C Bluedorn and published by International Monetary Fund. This book was released on 2019-05-23 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: We explore the long-term impact of economic booms on labor market outcomes using a novel approach based on revisions to professional forecasts over the past 30 years for 34 advanced economies. We find that when employment rises unexpectedly, forecasters typically raise their long-term forecasts of employment by more than one-for-one and also expect a strong rise in labor force participation, suggesting more persistent effects than is traditionally assumed. Economic booms associated with changes in aggregate demand, when inflation is rising and unemployment falling unexpectedly, also come with persistent long-term effects on expected employment and labor force participation, suggesting positive hysteresis. Our forecast evaluation tests indicate that forecasters are, on average, unbiased in their assessment of these positive, persistent effects.
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 Hysteresis in Unemployment by : Laurence M. Ball
Download or read book Hysteresis in Unemployment written by Laurence M. Ball and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper argues that hysteresis helps explain the long-run behavior of unemployment. The natural rate of unemployment is influenced by the path of actual unemployment, and hence by shifts in aggregate demand. I review past evidence for hysteresis effects and present new evidence for 20 developed countries. A central finding is that large increases in the natural rate are associated with disinflations, and large decreases with run-ups in inflation. These facts are consistent with hysteresis theories and inconsistent with theories in which the natural rate is independent of aggregate demand.
Book Synopsis Hysteresis Effects in Economic Models by : Wolfgang Franz
Download or read book Hysteresis Effects in Economic Models written by Wolfgang Franz and published by . This book was released on 1990-07-13 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Hysteresis in Unemployment by : Frank M. Song
Download or read book Hysteresis in Unemployment written by Frank M. Song and published by . This book was released on 1998 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Studies using standard unit-root tests generally cannot reject the hypothesis of a unit root in unemployment rates. These findings have been interpreted as supporting the hysteresis hypothesis. We demonstrate that the failure to reject the null may be due to the low power of the tests. We analyze unemployment rates of 48 U.S. contiguous states using a more powerful panel-based test which exploits cross-section restrictions on the constituent series. The critical values are simulated tailored to our sample size. We reject the null decisively, casting some doubt on the hysteresis hypothesis for the United States.
Book Synopsis Hysteresis in Unemployment by : Frank M. Song
Download or read book Hysteresis in Unemployment written by Frank M. Song and published by . This book was released on 1998 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Existing studies using standard unit-root tests generally cannot reject the null hypothesis of a unit root in unemployment rates. These findings have been interpreted as support for the hysteresis hypothesis. In this paper, we analyze a panel of unemployment rates of fifteen OECD countries by using a panel-based test. The test exploits the cross-section variations of the constituent series and is more powerful. The critical values are simulated based on our specific panel sizes and time periods. It is found that the null hypothesis of a unit root in unemployment rates can be rejected in general. This casts some doubt on the hysteresis hypothesis and provides limited support for the natural-rate hypothesis of unemployment for these countries.
Book Synopsis Unemployment Rate Hysteresis and the Great Recession by : Girogio Canarella
Download or read book Unemployment Rate Hysteresis and the Great Recession written by Girogio Canarella and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Hysteresis in Unemployment by : Laurence M. Ball
Download or read book Hysteresis in Unemployment written by Laurence M. Ball and published by . This book was released on 2021 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the dynamics of unemployment (u) and its natural rate (u*), with u* measured by real-time estimates for 29 countries from the OECD. We find strong evidence of hysteresis: an innovation in u causes u* to change in the same direction, and therefore has permanent effects. For our baseline specification, a one percentage point deviation of u from u* for one year has a long-run effect of 0.16 points on both variables. When we allow asymmetry, we find, perhaps surprisingly, that decreases in u have larger long-run effects than increases in u.
Book Synopsis Is Hysteresis Important for U.S. Unemployment? by : John M. Roberts
Download or read book Is Hysteresis Important for U.S. Unemployment? written by John M. Roberts and published by . This book was released on 1999 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 Some further evidence upon testing hysteresis in the the Greek Phillips-type aggregate wage equation by : Yannis Panagopoulos
Download or read book Some further evidence upon testing hysteresis in the the Greek Phillips-type aggregate wage equation written by Yannis Panagopoulos and published by . This book was released on 2007 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Hysteresis Hypothesis in Unemployment and Labour Force Participation Rates by : De-Chih Liu
Download or read book Hysteresis Hypothesis in Unemployment and Labour Force Participation Rates written by De-Chih Liu and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article simultaneously investigates the hysteresis hypothesis of unemployment and labour force participation using regional level data in Australia. The conventional univariate and panel unit root tests indicate that the hysteresis hypothesis cannot be rejected for most of the regions in Australia. To further confirm if the hysteresis finding in unemployment and labour force participation results from not considering structural breaks. We employ a panel stationarity test recently developed by Carrion-i-Silvestre et al. (2005), which considers multiple structural breaks and cross-sectional dependence. The test results lend support for unemployment hysteresis and participation regime-wise stationarity. Accordingly, the findings imply that a temporary shock may have permanent effects on the unemployment rate but not on labour force participation in Australia and thus call for policies aimed at improving the adjustment mechanism in unemployment.