Centurial evidence of breaks in the persistence of unemployment

A novel procedure is applied to test for switches between hysteresis and the natural rate theory over more than a century of UK and USA unemployment data. For both the countries we see a period conforming to hysteresis starting in the early 1920s for the UK and 1930 for USA.

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Year of publication:	2015
Authors:	Ghoshray, Atanu ; Stamatogiannis, Michalis P.
Published in:	Economics Letters. - Elsevier, ISSN 0165-1765. - Vol. 129.2015, C, p. 74-76
Publisher:	Elsevier
Subject:	Unemployment \| Hysteresis \| Unit root \| Dynamic persistence

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Type of publication:	Article
Classification:	C12 - Hypothesis Testing ; C22 - Time-Series Models ; E24 - Employment; Unemployment; Wages
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10011263414