with a SVAR model by inspecting how unemployment responds to the state of the economy. We show that deviations from Okun …

using a SVAR model by inspecting how unemployment responds to the state of the economy. We show that deviations from Okun …

in German unemployment is fully explained by hysteresis. The Great Recession was well absorbed because both hysteresis …We construct a new Markov-switching unobserved components framework for the analysis of hysteresis effects. Our model … effects and structural unemployment were substantially reduced after institutional reforms. In contrast, U.S. unemployment did …

The persistence of U.S. unemployment has risen with each of the last three recessions, raising the specter that future … rising persistence of unemployment. Second, monetary and fiscal policies can account for only part of the evolving … unemployment persistence. Therefore, we turn to a third class of explanations: propagation mechanisms. We focus on factors …

The persistence of U.S. unemployment has risen with each of the last three recessions, raising the specter that future … rising persistence of unemployment. Second, monetary and fiscal policies can account for only part of the evolving … unemployment persistence. Therefore, we turn to a third class of explanations: propagation mechanisms.We focus on factors …

The persistence of U.S. unemployment has risen with each of the last three recessions, raising the specter that future … rising persistence of unemployment. Second, monetary and fiscal policies can account for only part of the evolving … unemployment persistence. Therefore, we turn to a third class of explanations: propagation mechanisms. We focus on factors …

, some of which date back to 1890. The frequency, persistence, and severity of the unemployment crises in the model are … unemployment rates, is a good start to understanding the unemployment crisis in the Great Depression. Drawing from rarely used data … sources, this paper compiles historical monthly time series of U.S. unemployment rates, vacancy rates, and labor productivity …

sharply in recessions but decline gradually in booms. The frequency, severity, and persistence of unemployment crises in the …A search and matching model, when calibrated to the mean and volatility of unemployment in the postwar sample, can … potentially explain the unemployment crisis in the Great Depression. The limited responses of wages from credible bargaining to …

This paper explores the evidence for positive hysteresis in the labor market. Using data from the National Longitudinal … Surveys of Youth, we find that negative labor market outcomes during high-unemployment periods are mitigated by exposure to a …

This paper provides a model of "social hysteresis" whereby long, deep recessions demotivate workers and thereby lead …