全球智库信息集成服务系统(G2TT): DP8014 Unemployment and Productivity in the Long Run: the Role of Macroeconomic Volatility

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP8014
	DP8014 Unemployment and Productivity in the Long Run: the Role of Macroeconomic Volatility
	Luca Antonio Ricci; PIerpaolo Benigno; Paolo Surico
发表日期	2010-09-23
出版年	2010
语种	英语
摘要	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 panel strongly supports these predictions. The empirical specifications featuring the variance of productivity growth can account for two U.S. episodes which a linear model based only on long-run productivity growth cannot fully explain. These are the decline in long-run unemployment over the 1980s and its rise during the late 2000s.
主题	International Macroeconomics
关键词	Downward wage rigidities Productivity Unemployment Volatility
URL	https://cepr.org/publications/dp8014
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/536851
推荐引用方式 GB/T 7714	Luca Antonio Ricci,PIerpaolo Benigno,Paolo Surico. DP8014 Unemployment and Productivity in the Long Run: the Role of Macroeconomic Volatility. 2010.