全球智库信息集成服务系统(G2TT): DP9167 Structural and Cyclical Forces in the Labor Market During the Great Recession: Cross-Country Evidence

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP9167
	DP9167 Structural and Cyclical Forces in the Labor Market During the Great Recession: Cross-Country Evidence
	Luca Sala; Ulf Söderström; Antonella Trigari
发表日期	2012-10-07
出版年	2012
语种	英语
摘要	We use an estimated monetary business cycle model with search and matching frictions in the labor market and nominal price and wage rigidities to study four countries (the U.S., the U.K., Sweden, and Germany) during the financial crisis and the Great Recession. We estimate the model over the period prior to the financial crisis and use the model to interpret movements in GDP, unemployment, vacancies, and wages in the period from 2007 until 2011. We show that contractionary financial factors and reduced efficiency in labor market matching were largely responsible for the experience in the U.S. Financial factors were also important in the U.K., but less so in Sweden and Germany. Reduced matching efficiency was considerably less important in the U.K. and Sweden than in the U.S., but matching efficiency improved in Germany, helping to keep unemployment low. A counterfactual experiment suggests that unemployment in Germany would have been substantially higher if the German labor market had been more similar to that in the U.S.
主题	International Macroeconomics
关键词	Business cycles Financial crisis Labor market matching
URL	https://cepr.org/publications/dp9167
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/538002
推荐引用方式 GB/T 7714	Luca Sala,Ulf Söderström,Antonella Trigari. DP9167 Structural and Cyclical Forces in the Labor Market During the Great Recession: Cross-Country Evidence. 2012.