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We propose a theoretical framework to reconcile episodes of V-shaped and L-shaped recovery, encompassing the behaviour of the U.S. economy before and after the Great Recession. In a DSGE model with endogenous growth, negative demand shocks destroy productive capacity, moving GDP to a lower...
Persistent link: https://www.econbiz.de/10012533939
We estimate Okun's law, the negative relationship between output and the unemployment rate, at the sector level for the … coefficients are proportional to the aggregate in all four countries. We also show that the standard deviation of unemployment is …
Persistent link: https://www.econbiz.de/10012166007
U3, the official unemployment rate, is an inadequate gauge of labor-market slack and the extent to which it misinforms … varies substantially over the business cycle. The U6 unemployment rate is usually about 4 percentage points above U3. However …
Persistent link: https://www.econbiz.de/10012123041
The official unemployment rate has become an inadequate measure of labor market conditions. This poses a major … unemployment rate by weighing part-time workers with 62.5%, the proportion of the time they work relative to full-time workers. We … provide new monthly estimates of the unemployment rate for the period 1994-2019 and find that their average during this 25 …
Persistent link: https://www.econbiz.de/10012104103
The cyclicality of real wages has important implications for the validity of competing business cycle theories. However, the empirical evidence on the aggregate level is inconclusive. Using a threshold vector autoregressive model for the US and Germany to condition the relationship between real...
Persistent link: https://www.econbiz.de/10011449261
- and Northern European welfare states, with cradle to grave health and unemployment insurance currently provide a more … considering that this adverse development is related to the greater social inequality, an inferior health-care system, and fewer …
Persistent link: https://www.econbiz.de/10011509441
and birth outcomes in forecasting child health (as indicated by height and weight), child behavioral problems, and a child …
Persistent link: https://www.econbiz.de/10011509445
: individuals aged over 70 years hold WTP values approximately one-third lower than other respondents. Respondent health status has … affected population s age or health status. …
Persistent link: https://www.econbiz.de/10011409036
this paper we investigate whether an aggregate health production function can help to explain the annual time …-series behavior of U.S. longevity since 1960. We view longevity as the output of the health production function, and output … annual U.S. time-series data on life expectancy, health expenditure, and medical innovation. Reliable annual data are …
Persistent link: https://www.econbiz.de/10011397757
It is notoriously difficult to identify peer effects within the family, because of the common shocks and reflection problems. We make use of a novel identification strategy and unique data in order to gain some purchase on this problem. We employ data from the universe of children born in...
Persistent link: https://www.econbiz.de/10011610897