Unemployment and Productivity in the Long Run : the Role of Macroeconomic Volatility

the Role of Macroeconomic Volatility

Unemployment and Productivity in the Long Run : the Role of Macroeconomic Volatility
We propose a theory of low-frequency movements in unemployment based on asymmetric real wage rigidities. The theory generates two main predictions: long-run unemployment increases with (i) a fall in long-run productivity growth and (ii) a rise in the variance of productivity growth. Evidence based on U.S. time series and on an international... READ MORE...

Publication date: November 2010
ISBN 9781455209590
$18.00

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