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...
| 1. autor: | |
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| Format: | Czasopismo |
| Język: | English |
| Wydane: |
Washington, D.C. :
International Monetary Fund,
2014.
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| Seria: | IMF Working Papers; Working Paper ;
No. 2014/077 |
| Dostęp online: | Full text available on IMF |