The paper utilizes a theoretical stock-flow accounting model of the labor market, similar to
Blanchard and Diamond (1989). Identifying restrictions are derived from the theoretical model
and are imposed on a SVAR system. The estimation allows for decomposing fluctuations to their
cyclical and structural components. The model is applied to the Israeli economy. The estimates
suggest that non-cyclical factors account for at least half of the decline of the unemployment rate
during the period between 2004-Q1, when unemployment peaked at 10.9 percent, and 2011-Q4,
when it marked a trough at 5.4 percent; suggesting a shift inward of the Beveridge curve.
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|Size: ||3.7 MB|
|Publisher: ||INTERNATIONAL MONETARY FUND|
|Date published: || 2015|
|ISBN: ||9781498374163 (DRM-EPUB)|
|Read Aloud: ||not allowed|