연구보고서IMF Working Paper 10-259
Unemployment and Productivity in the Long Run: the Role of Macroeconomic Volatility
- 청구기호
- WP 10-259
- 발행사항
- Washington,D.C : IMF, 2010
- 형태사항
- 49 p. :. PDF file ;. 2454 KB
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소장정보
위치 | 등록번호 | 청구기호 / 출력 | 상태 | 반납예정일 |
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이용 가능 (1) | ||||
E0001081 | 대출가능 | - |
이용 가능 (1)
- 등록번호
- E0001081
- 상태/반납예정일
- 대출가능
- -
- 위치/청구기호(출력)
책 소개
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.