Eagle, David M. - Volkswirtschaftliche Fakultät, … - 2012
For U.S. recessions since 1948, we study paneled time series of (i) ExUR, the excess of the unemployment rate over the …-75 recessions, a regression of ExUR on current and past values of NGAP has an R2 of 75%. Simulations indicate that NGDP targeting … could have eliminated 84% of the average ExUR during the period from 1.5 years and 4 years after the recessions began. The …