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Hysteresis in Unemployment and Jobless Recoveries

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by Dmitry Plotnikov
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Hysteresis in Unemployment and Jobless Recoveries by Dmitry Plotnikov

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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Ebook Details
Pages: 37
Size: 904 KB
Date published:   2014
ISBN: 9781484372579 (DRM-EPUB)

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