Hysteresis in unemployment and jobless recoveries /
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| Author / Creator: | Plotnikov, Dmitry, author. |
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| Imprint: | [Washington, D.C.] : International Monetary Fund, ©2014. |
| Description: | 1 online resource (37 pages) : color illustrations |
| Language: | English |
| Series: | IMF working paper ; WP/14/77 IMF working paper ; WP/14/77. |
| Subject: | |
| Format: | E-Resource Book |
| URL for this record: | http://pi.lib.uchicago.edu/1001/cat/bib/12502914 |
| Summary: | This paper develops and estimates a general equilibrium rational expectations model with search and multiple equilibria where aggregate shocks have a permanent effect on the unemployment rate. If agents' wealth decreases, the unemployment rate increases for a potentially indefinite period. This makes unemployment rate dynamics path dependent as in Blanchard and Summers (1987). I argue that this feature explains the persistence of the unemployment rate in the U.S. after the Great Recession and over the entire postwar period. |
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| Item Description: | "Institute for Capacity Development"--Page 2 of pdf. "May 2014"--Page 2 of pdf. |
| Physical Description: | 1 online resource (37 pages) : color illustrations |
| Bibliography: | Includes bibliographical references. |
| ISBN: | 9781484372579 1484372573 |