Galí, Jordi; Smets, Frank; Wouters, Rafael - C.E.P.R. Discussion Papers - 2012
.S. business cycles points to much slower recoveries in the three most recent episodes, but does not reveal any significant change … recoveries, as opposed to jobless recoveries. We use the estimated New Keynesian model in Galí-Smets-Wouters (2011) to provide a … structural interpretation for the slower recoveries since the early nineties. …