This paper presents a new empirical regularity between the volatility of productivity growth and long-run unemployment for a given level of long-run productivity growth. A theoretical framework based on asymmetric real wage rigidities is shown to have the potential to rationalize this finding. The model tends to fit U.S. long-run unemployment better than a specification based on long-run productivity growth only, especially during the Great Moderation and the Great Recession.
Titolo: | Unemployment and Productivity in The Long Run: The Role of Macroeconomic Volatility |
Autori: | |
Data di pubblicazione: | 2015 |
Rivista: | |
Handle: | http://hdl.handle.net/11385/110192 |
Appare nelle tipologie: | 01.1 - Articolo su rivista (Article) |
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DWRR-241013.pdf | Documento in Pre-print | DRM non definito | Open Access Visualizza/Apri |
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