Hysteresis in unemployment and jobless recoveries /
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| Author / Creator: | Plotnikov, Dmitry, author. |
|---|---|
| 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 |
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| 049 | |a MAIN | ||
| 050 | 4 | |a HG3881.5.I58 |b W67 No. 14/77eb | |
| 100 | 1 | |a Plotnikov, Dmitry, |e author. |0 http://id.loc.gov/authorities/names/nb2011032344 | |
| 245 | 1 | 0 | |a Hysteresis in unemployment and jobless recoveries / |c Dmitry Plotnikov. |
| 260 | |a [Washington, D.C.] : |b International Monetary Fund, |c ©2014. | ||
| 300 | |a 1 online resource (37 pages) : |b color illustrations | ||
| 336 | |a text |b txt |2 rdacontent | ||
| 337 | |a computer |b c |2 rdamedia | ||
| 338 | |a online resource |b cr |2 rdacarrier | ||
| 490 | 1 | |a IMF working paper ; |v WP/14/77 | |
| 500 | |a "Institute for Capacity Development"--Page 2 of pdf. | ||
| 500 | |a "May 2014"--Page 2 of pdf. | ||
| 520 | |a "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"--Abstract. | ||
| 504 | |a Includes bibliographical references. | ||
| 588 | 0 | |a Online resource; title from pdf title page (IMF.org Web site, viewed June 4, 2014). | |
| 505 | 0 | |a Cover; Contents; I. Introduction; Tables; Table 1. Wealth losses and joblessness of recoveries; Figures; Figure 1. Employment dynamics in all post-war recessions in the United States; Figure 2. Total nonfarm employment dynamics during Big Five financial crises; II. Model; A. The household; B. Firms; C. Search in the labor market; D. Equilibrium; III. Closing the model; A. Steady state vs. dynamic indeterminancy; IV. Estimation; A. Overview; B. Priors; C. Posterior estimates; Table 2. Prior distributions of parameters of the model; Table 3. Posterior distributions of parameters of the model. | |
| 505 | 8 | |a V. Taking the model to the dataFigure 3. Posterior distributions; A. Model performance; Table 4. Summary statistics of the simulated and the real data; B. The mechanism of the model; Figure 4. Simulated series and the actual data in wage units; C. Case study: the Great Recession; Figure 5. Simulated series with both shocks and simulated series with belief shocks only; Figure 6. Simulated series with both shocks and simulated series with TFP shocks only; Figure 7. RBC model generated series and the actual data. | |
| 505 | 8 | |a Figure 8. The benchmark model generated series using TFP shocks only and the actual dataD. Impulse response functions; Figure 9. The benchmark model generated series using both TFP shocks and belief shocks against the actual data; Figure 10. Impulse response functions to 1% negative TFP shock; VI. Conclusion; References. | |
| 650 | 0 | |a Hysteresis (Economics) |0 http://id.loc.gov/authorities/subjects/sh95007707 | |
| 650 | 0 | |a Unemployment. |0 http://id.loc.gov/authorities/subjects/sh85139643 | |
| 650 | 0 | |a Business cycles. | |
| 650 | 6 | |a Hystérésis (Économie) | |
| 650 | 6 | |a Cycles économiques. | |
| 650 | 7 | |a Business cycles. |2 fast |0 (OCoLC)fst00842457 | |
| 650 | 7 | |a Hysteresis (Economics) |2 fast |0 (OCoLC)fst00966133 | |
| 650 | 7 | |a Unemployment. |2 fast |0 (OCoLC)fst01161213 | |
| 655 | 0 | |a Electronic books. | |
| 655 | 4 | |a Electronic books. | |
| 710 | 2 | |a International Monetary Fund. |b Institute for Capacity Development, |e issuing body. |0 http://id.loc.gov/authorities/names/no2012075144 | |
| 830 | 0 | |a IMF working paper ; |v WP/14/77. |0 http://id.loc.gov/authorities/names/no89010263 | |
| 856 | 4 | 0 | |u http://elibrary.imf.org/view/journals/001/2014/077/001.2014.issue-077-en.xml |y INTERNATIONAL MONETARY FUND |
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| 928 | |t Library of Congress classification |a HG3881.5.I58W67 No. 14/77eb |l Online |c UC-FullText |u http://elibrary.imf.org/view/journals/001/2014/077/001.2014.issue-077-en.xml |z INTERNATIONAL MONETARY FUND |g ebooks |i 12147201 | ||