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Hysteresis and the European Unemployment Problem
Blanchard, Olivier J. - 1986
equilibrium unemployment. We then confront the theory to both the detailed facts of …standard theories can possibly explain. We develop a theory which can explain such …
Persistent link: https://www.econbiz.de/10012477122
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Hysteresis in Unemployment
Blanchard, Olivier J. - 1986
hysteresis embodying the idea that the equilibrium unemployment rate depends on the history of the actual unemployment rate. This … paper summarizes two directions of research on hysteresis that appear especially promising. Membership theories are based on …
Persistent link: https://www.econbiz.de/10012477034
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Hysteresis in Unemployment : Old and New Evidence
Ball, Laurence M. - 2009
This paper argues that hysteresis helps explain the long-run behavior of unemployment. The natural rate of unemployment … hysteresis effects and present new evidence for 20 developed countries. A central finding is that large increases in the natural … hysteresis theories and inconsistent with theories in which the natural rate is independent of aggregate demand …
Persistent link: https://www.econbiz.de/10012463829
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The Cyclical Behavior of Equilibrium Unemployment and Vacancies : Evidence and Theory
Shimer, Robert - 2003
This paper argues that a broad class of search models cannot generate the observed business-cycle-frequency fluctuations in unemployment and job vacancies in response to shocks of a plausible magnitude. In the U.S., the vacancy-unemployment ratio is 20 times as volatile as average labor...
Persistent link: https://www.econbiz.de/10012469164
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Fiscal Increasing Returns, Hysteresis, Real Wages and Unemployment
Blanchard, Olivier J. - 1986
European unemployment is widely regarded as a problem of excessive real wages. This view as it is usually expressed carries the disturbing implication that there is a sharp conflict between the interests of those currently employed and the unemployed because it suggests that increases in...
Persistent link: https://www.econbiz.de/10012477035
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International Evidence on Sticky Consumption Growth
Carroll, Christopher D. - 2008
We estimate the degree of 'stickiness' in aggregate consumption growth (sometimes interpreted as reflecting consumption habits) for thirteen advanced economies. We find that, after controlling for measurement error, consumption growth has a high degree of autocorrelation, with a stickiness...
Persistent link: https://www.econbiz.de/10012464771
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Inflation and Activity – Two Explorations and their Monetary Policy Implications
Blanchard, Olivier - 2015
-recession trend, suggesting hysteresis. Second, while inflation has decreased, it has decreased less than anticipated, suggesting a …
Persistent link: https://www.econbiz.de/10012456944
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Order from Chaos? The Effects of Early Labor Market Experiences on Adult Labor Market Outcomes
Gardecki, Rosella - 1997
This paper examines the consequences of initial periods of churning,' floundering about,' or mobility' in the labor market to help assess whether faster transitions to stable employment relationships--such as those envisioned by advocates of school-to-work programs--would be likely to lead to...
Persistent link: https://www.econbiz.de/10012472929
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Wage Determination and Employment Fluctuations
Hall, Robert E. - 2003
Following a recession, the aggregate labor market is slack employment remains below normal and recruiting efforts of employers, as measured by vacancies, are low. A model of matching frictions explains the qualitative responses of the labor market to adverse shocks, but requires implausibly...
Persistent link: https://www.econbiz.de/10012468730
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Labor-Market Frictions and Employment Fluctuations
Hall, Robert E. - 1998
a third use of time is critical for a realistic model. The two elements of a theory of unemployment are a mechanism for … design or of continuous re-bargaining of employment terms provide the first. The theory of job search together with …
Persistent link: https://www.econbiz.de/10012472302