| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4751 |
| DP4751 A Time-Frequency Analysis of the Coherences of the US Business Cycle and the European Business Cycle | |
| Andrew Hughes Hallett; Christian Richter | |
| 发表日期 | 2004-11-23 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | According to Ljungqvist and Sargent (1998), high European unemployment since the 1980s can be explained by a rise in economic turbulence, leading to greater numbers of unemployed workers with obsolete skills. These workers refuse new jobs due to high unemployment benefits. In this Paper we reassess the turbulence unemployment relationship using a matching model with endogenous job destruction. In our model, higher turbulence reduces the incentives of employed workers to leave their jobs. If turbulence has only a tiny effect on the skills of workers experiencing endogenous separation, then the results of Ljungqvist and Sargent (1998, 2004) are reversed, and higher turbulence leads to a reduction in unemployment. Thus, changes in turbulence cannot provide an explanation for European unemployment that reconciles the incentives of both unemployed and employed workers. |
| 主题 | International Macroeconomics |
| 关键词 | Skill loss European unemployment puzzle |
| URL | https://cepr.org/publications/dp4751 |
| 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/533668 |
| 推荐引用方式 GB/T 7714 | Andrew Hughes Hallett,Christian Richter. DP4751 A Time-Frequency Analysis of the Coherences of the US Business Cycle and the European Business Cycle. 2004. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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