Unemployment and Productivity in the Long Run: The Role of Macroeconomic Volatility

Pierpaolo Benigno, Luca Antonio Ricci, Paolo Surico

NBER Working Paper No. 16374
Issued in September 2010

---- Acknowledgements -----

We are grateful to Lawrence Ball, Olivier Blanchard, Renato Faccini, Giovanni Favara, Jordi Galì, Andrew Levin, Chris Pissarides, Pau Rabanal, Valerie Ramey, David Romer, Julio Rotemberg, Giovanna Vallanti and to conference participants at NBER Monetary Economics Meeting, the invited panel session on monetary policy of the European Economic Association Congress in Glasgow and the Sveriges Riksbank conference on "The Labor Market and the Macroeconomy" for helpful discussions. Federica Romei has provided excellent research assistance. Pierpaolo Benigno acknowledges financial support from an ERC Starting Independent Grant. The views in this paper are those of the authors and do not necessarily reflect the views of the IMF, nor IMF policy, nor the National Bureau of Economic Research.

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