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Unemployment and productivity in the long run : the role of macroeconomic volatility / Pierpaolo Benigno, Luca Antonio Ricci, Paolo Surico.
- Format:
- Book
- Author/Creator:
- Benigno, Pierpaolo, author.
- Ricci, Luca Antonio, author.
- Surico, Paolo, author.
- Series:
- Working paper series (National Bureau of Economic Research) ; 16374.
- NBER working paper series ; 16374
- Language:
- English
- Subjects (All):
- Industrial productivity.
- Unemployment.
- Physical Description:
- 1 online resource (46 pages) : illustrations.
- Place of Publication:
- Cambridge, Massachusetts : National Bureau of Economic Research, 2010.
- Summary:
- The paper presents a new empirical regularity between the volatility of productivity growth and long-run unemployment, for a given level of long-run productivity growth. A theoretical framework based on asymmetric real wage rigidities is shown to have the potential to rationalize this finding. The model tends to fit U.S. long-run unemployment better than a specification based on long-run productivity growth only, especially during the Great Moderation and the Great Recession.
- Notes:
- Description based on publisher supplied metadata and other sources.
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