A New Approach to the Analysis of Shocks and the Cycle in a Model of Output and Employment.

There is a wide literature on the dynamic adjustment of employment and its relationship with the business cycle. Our aim is to propose a statistical model that offers a congruent representation of post-war US employment and output data. We use a cointegrated vector autoregressive Markov-switching model where some parameters are changing according to phase of the business and employment cycle.

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Year of publication:	1999
Authors:	Krolzig, H.-M. ; Toro, J.
Institutions:	Department of Economics, European University Institute
Subject:	BUSINESS CYCLES \| EMPLOYMENT \| TIME SERIES

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Series:	Economics Working Papers.
Type of publication:	Book / Working Paper
Notes:	27 pages
Classification:	E32 - Business Fluctuations; Cycles ; E37 - Forecasting and Simulation ; C32 - Time-Series Models ; E24 - Employment; Unemployment; Wages
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005557752