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Persistent link: https://www.econbiz.de/10011421988
A novel procedure is applied to test for switches between hysteresis and the natural rate theory over more than a century of UK and USA unemployment data. For both the countries we see a period conforming to hysteresis starting in the early 1920s for the UK and 1930 for USA
Persistent link: https://www.econbiz.de/10012979965