Hysteresis in Unemployment and Jobless Recoveries

Hysteresis in Unemployment and Jobless Recoveries
This paper develops and estimates a general equilibrium rational expectations model with search and multiple equilibria 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... READ MORE...

Publication date: May 2014
ISBN 9781484371749
$18.00

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