Ghoshray, Atanu; Stamatogiannis, Michalis P. - In: Economics Letters 129 (2015) C, pp. 74-76
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.