NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
loading...

Hysteresis and the European Unemployment Problem Revisited

Jordi Galí

NBER Working Paper No. 21430
Issued in July 2015
NBER Program(s):Economic Fluctuations and Growth, International Finance and Macroeconomics, Monetary Economics

The unemployment rate in the euro area appears to contain a significant nonstationary component, suggesting that some shocks have permanent effects on that variable. I explore possible sources of this nonstationarity through the lens of a New Keynesian model with unemployment, and assess their empirical relevance.

download in pdf format
   (482 K)

email paper

Machine-readable bibliographic record - MARC, RIS, BibTeX

Document Object Identifier (DOI): 10.3386/w21430

Users who downloaded this paper also downloaded* these:
Blanchard, Erceg, and Lindé w21426 Jump Starting the Euro Area Recovery: Would a Rise in Core Fiscal Spending Help the Periphery?
Ball w20185 Long-Term Damage from the Great Recession in OECD Countries
Fang, Gu, Xiong, and Zhou w21112 Demystifying the Chinese Housing Boom
Blanchard and Summers w1950 Hysteresis and the European Unemployment Problem
Blanchard and Summers Hysteresis and the European Unemployment Problem
 
Publications
Activities
Meetings
NBER Videos
Themes
Data
People
About

National Bureau of Economic Research, 1050 Massachusetts Ave., Cambridge, MA 02138; 617-868-3900; email: info@nber.org

Contact Us