Has the Great Recession raised U.S. structural unemployment? /
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| Author / Creator: | Estevão, Marcello, author. |
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| Imprint: | [Washington, District of Columbia] : International Monetary Fund, 2011. ©2011 |
| Description: | 1 online resource (64 p.). |
| Language: | English |
| Series: | IMF Working Paper ; WP/11/105 IMF working paper ; WP/11/105. |
| Subject: | |
| Format: | E-Resource Book |
| URL for this record: | http://pi.lib.uchicago.edu/1001/cat/bib/13513903 |
| Summary: | The recent crisis has had differential effects across U.S. states and industries causing a wide geographic dispersion in skill mismatches and housing market performance. We document these facts and, using data from the 50 states plus D.C from 1991 to 2008, we present econometric evidence that supports that changes in state-level unemployment rates are linked to skill mismatches and housing market performance even after controlling for cyclical effects. This result suggests some causality going from mismatches and housing conditions to unemployment rates. The numerical estimates imply that the structural unemployment rate in 2010 was about 13/4 percentage points higher than before the onset of the housing market meltdown at end-2006. Reversing this increase may require targeted active labor market policies and measures to expedite the adjustment in housing markets, as our results suggest weak housing market conditions interact negatively with skill mismatches to produce higher unemployment rates in the United States. |
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| Item Description: | Description based upon print version of record. |
| Physical Description: | 1 online resource (64 p.). |
| Bibliography: | Includes bibliographical references. |
| ISBN: | 1283563517 9781283563512 9786613875969 6613875961 1455256366 9781455256365 |