Butkus, Mindaugas; Dargenytė-Kacilevičienė, Laura; … - In: Economies : open access journal 12 (2024) 1, pp. 1-21
within each phase of the business cycle and might depend on the maturity of that phase. Nevertheless, empirical evidence is … almost non-existent. Using the unemployment gap as the proxy for the maturity of the business cycle phase, this paper seeks … to determine heterogeneous elasticity across different business cycle phases. Furthermore, we aim to evaluate specific …