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Hysteresis in Unemployment and Jobless Recoveries
Plotnikov, Dmitry - International Monetary Fund (IMF) - 2014
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 makes unemployment rate dynamics path dependent as in Blanchard and Summers … (1987). I argue that this feature explains the persistence of the unemployment rate in the U.S. after the Great Recession …
Persistent link: https://www.econbiz.de/10010790439
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Labor Market Issues in the Caribbean: Scope to Mobilize Employment Growth
Kandil, Magda E.; Lindow, Genevieve; Mansilla, Mario; … - International Monetary Fund (IMF) - 2014
The paper examines the determinants of employment growth, drawing on data available across a sample of Caribbean countries. To that end, the paper analyzes estimates of the employment-output elasticity and the response of employment growth to major sources of labor market determinants, in the...
Persistent link: https://www.econbiz.de/10010800970
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Precautionary Savings in the Great Recession
Mody, Ashoka; Sandri, Damiano; Ohnsorge, Franziska - International Monetary Fund (IMF) - 2012
Heightened uncertainty since the onset of the Great Recession has materially increased saving rates, contributing to lower consumption and GDP growth. Consistent with a model of precautionary savings in the face of uncertainty, we find for a panel of advanced economies that greater labor income...
Persistent link: https://www.econbiz.de/10009654146
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Economic Growth in Croatia; Potential and Constraints
Moore, David; Vamvakidis, Athanasios - International Monetary Fund (IMF) - 2007
This paper examines the factors and constraints that affect recent and potential growth in Croatia, as well as policies that can influence it. On current productivity trends, it estimates Croatia's potential growth rate at 4-4½ percent, a result reasonably robust to different methodologies....
Persistent link: https://www.econbiz.de/10005599301
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Eurosclerosis or Financial Collapse; Why Did Swedish Incomes Fall Behind?
Cerra, Valerie; Saxena, Sweta Chaman - International Monetary Fund (IMF) - 2005
Sweden represents an archetypal welfare state economy, with extensive government safety nets. Some scholars have attributed a decline in its per capita income ranking since 1970 to "eurosclerosis" or sluggish growth caused by distortionary policies. This paper argues rather, that the permanent...
Persistent link: https://www.econbiz.de/10005605036
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Long-Run Productivity Shifts and Cyclical Fluctuations; Evidence for Italy
Sgherri, Silvia - International Monetary Fund (IMF) - 2005
Using unobserved stochastic components and Kalman filter techniques, the paper assesses the relative importance of transitory and permanent shifts in Italian real GDP within a production function framework. Evidence suggests that the increase in hours worked that has accompanied pension and...
Persistent link: https://www.econbiz.de/10005605077
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A Fiscal Stimulus and Jobless Recovery
Cantore, Cristiano; Levine, Paul; Melina, Giovanni - International Monetary Fund (IMF) - 2013
We analyse the effects of a government spending expansion in a DSGE model with Mortensen-Pissarides labour market frictions, deep habits in private and public consumption, investment adjustment costs, a constant-elasticity-of-substitution (CES) production function, and adjustments in employment...
Persistent link: https://www.econbiz.de/10010790312
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Output and Unemployment Dynamics During the Great Recession; A Panel Unobserved Components Analysis
Vitek, Francis - International Monetary Fund (IMF) - 2010
This paper analyzes the sources of output and unemployment dynamics in the world economy during the Great Recession …
Persistent link: https://www.econbiz.de/10008646428
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Youth Unemployment in Advanced Europe: Okun’s Law and Beyond
Banerji, Angana; Lin, Hannah Huidan; Saksonovs, Sergejs - International Monetary Fund (IMF) - 2015
The crisis has intensified what was previously a chronic unemployment problem in Europe; youth unemployment is now at … unprecedented highs in some European countries. This paper assesses the main drivers of youth unemployment in Europe. It finds that … much of the increase in youth unemployment rates during the crisis can be explained by output dynamics and the greater …
Persistent link: https://www.econbiz.de/10011144606
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Emerging Market Business Cycles; The Role of Labor Market Frictions
Boz, Emine; Durdu, Ceyhun Bora; Li, Nan - International Monetary Fund (IMF) - 2012
Emerging economies are characterized by higher consumption and real wage variability relative to output and a strongly countercyclical current account. A real business cycle model of a small open economy that embeds a Mortensen-Pissarides type of search-matching frictions and countercyclical...
Persistent link: https://www.econbiz.de/10011242182