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|c 5.00 USD
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|z 9781484371749
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|a 1018-5941
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|a BD-DhAAL
|c BD-DhAAL
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|a Plotnikov, Dmitry.
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|a Hysteresis in Unemployment and Jobless Recoveries /
|c Dmitry Plotnikov.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2014.
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| 300 |
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|a 1 online resource (37 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a This paper develops and estimates a general equilibrium rational expectations model with search and multiple equilibria where aggregate shocks have a permanent effect on the unemployment rate. If agents' wealth decreases, the unemployment rate increases for a potentially indefinite period. This makes unemployment rate dynamics path dependent as in Blanchard and Summers (1987). I argue that this feature explains the persistence of the unemployment rate in the U.S. after the Great Recession and over the entire postwar period.
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| 538 |
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|a Mode of access: Internet
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|a IMF Working Papers; Working Paper ;
|v No. 2014/077
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2014/077/001.2014.issue-077-en.xml
|z IMF e-Library
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