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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Detaylı Bibliyografya
Yazar: Surico, Paolo
Diğer Yazarlar: Benigno, Pierpaolo, Ricci, Luca
Materyal Türü: Dergi
Dil:English
Baskı/Yayın Bilgisi: Washington, D.C. : International Monetary Fund, 2010.
Seri Bilgileri:IMF Working Papers; Working Paper ; No. 2010/259
Online Erişim:Full text available on IMF
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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 Paolo Surico, Luca Ricci, Pierpaolo Benigno. 
264 1 |a Washington, D.C. :  |b International Monetary Fund,  |c 2010. 
300 |a 1 online resource (49 pages) 
490 1 |a IMF Working Papers 
500 |a <strong>Off-Campus Access:</strong> No User ID or Password Required 
500 |a <strong>On-Campus Access:</strong> No User ID or Password Required 
506 |a Electronic access restricted to authorized BRAC University faculty, staff and students 
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. 
538 |a Mode of access: Internet 
700 1 |a Benigno, Pierpaolo. 
700 1 |a Ricci, Luca. 
830 0 |a IMF Working Papers; Working Paper ;  |v No. 2010/259 
856 4 0 |z Full text available on IMF  |u http://elibrary.imf.org/view/journals/001/2010/259/001.2010.issue-259-en.xml  |z IMF e-Library