| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2487 |
| DP2487 Language Proficiency and Labour Market Performance of Immigrants in the UK | |
| Christian Dustmann; Francesca Fabbri | |
| 发表日期 | 2000-06-27 |
| 出版年 | 2000 |
| 语种 | 英语 |
| 摘要 | This paper studies the joint dynamics of US output and unemployment rates in a nonlinear VAR model. The nonlinearity is introduced through a feedback variable that endogenously augments the output lags of the VAR in recessionary phases. Sufficient conditions for the ergodicity of the model, potentially applying to a larger class of threshold models, are provided. The linear specification is severely rejected in favour of our threshold VAR. However, in the estimation the feedback is found to be statistically significant only on unemployment, while it transmits to output through its cross-correlation. This feedback effect from recessions generates important asymmetries in the propagation of shocks, a possible key to interpret the divergence in the measures of persistence existing in the literature. The regime-dependent persistence also explains the finding that the feedback from recession exerts a positive effect on the long-run growth rate of the economy, an empirical validation for the Schumpeterian macroeconomic theories. |
| 主题 | International Macroeconomics |
| 关键词 | Ergodicity Impulse response function Long-run effect of recessions Nonlinearity Persistence Threshold var |
| URL | https://cepr.org/publications/dp2487 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531564 |
| 推荐引用方式 GB/T 7714 | Christian Dustmann,Francesca Fabbri. DP2487 Language Proficiency and Labour Market Performance of Immigrants in the UK. 2000. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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