G2TT
来源类型Discussion paper
规范类型论文
来源IDDP16558
DP16558 Estimating Hysteresis Effects
Francesco Furlanetto; Antoine Lepetit; Ørjan Robstad; Juan Francisco Rubio-Ramírez; Pål Ulvedal
发表日期2021-09-15
出版年2021
语种英语
摘要In this paper we identify demand shocks that can have a permanent effect on output through hysteresis effects. We call these shocks permanent demand shocks. They are found to be quantitatively important in the United States, in particular when the Great Recession is included in the sample. Recessions driven by permanent demand shocks lead to a permanent decline in employment and investment (including R&D investment), while output per worker is largely unaffected. We find strong evidence that hysteresis transmits through a rise in long-term unemployment and a decline in labor force participation and disproportionately affects the least productive workers.
主题Monetary Economics and Fluctuations
URLhttps://cepr.org/publications/dp16558
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/545509
推荐引用方式
GB/T 7714
Francesco Furlanetto,Antoine Lepetit,Ørjan Robstad,et al. DP16558 Estimating Hysteresis Effects. 2021.
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