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Unemployment and Productivity in the Long Run; The Role of Macroeconomic Volatility
Surico, Paolo; Ricci, Luca Antonio; Benigno, Pierpaolo - International Monetary Fund (IMF) - 2010
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 …-run unemployment over the 1980s and its rise during the late 2000s. …
Persistent link: https://www.econbiz.de/10008727811
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Can Higher Reserves Help Reduce Exchange Rate Volatility?
Nowak, M.; Hviding, Ketil; Ricci, Luca Antonio - International Monetary Fund (IMF) - 2004
This paper studies the role of an increase in foreign exchange reserves in reducing currency volatility for emerging market countries. The study employs a panel of 28 countries over the period 1986-2002. Several control variables are introduced in the regressions to account for other factors...
Persistent link: https://www.econbiz.de/10005825686