Hysteresis in Unemployment and Jobless Recoveries /
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...
| Autore principale: | |
|---|---|
| Natura: | Periodico |
| Lingua: | English |
| Pubblicazione: |
Washington, D.C. :
International Monetary Fund,
2014.
|
| Serie: | IMF Working Papers; Working Paper ;
No. 2014/077 |
| Accesso online: | Full text available on IMF |