This paper proposes a model of the US unemployment rate which accounts for both its asymmetry and its long memory. Our … results suggest that the US unemployment rate can be specified in terms of a fractionally integrated process, which interacts … NAIRU model with an underlying unemployment equilibrium rate, thereby giving support to more activist stabilisation policies …

This paper proposes a model of the US unemployment rate which accounts for both its asymmetry and its long memory. Our … Multiplier procedure with a standard null limit distribution. The empirical results suggest that the US unemployment rate can be … consistent with a hysteresis model with path dependency rather than a NAIRU model with an underlying unemployment equilibrium …

This paper proposes a model of the US unemployment rate which accounts for both its asymmetry and its long memory. Our … standard limit distribution. The empirical results suggest that the US unemployment rate can be specified in terms of a … with path dependency rather than a NAIRU model with an underlying unemployment equilibrium rate, hence giving support to …