NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Hysteresis and the European Unemployment Problem Revisited

Jordi Galí

NBER Working Paper No. 21430
Issued in July 2015

---- Acknowledgments ----

Prepared for the ECB Forum on Central Banking held at Sintra, 21-23 May, 2015. I thank Cristina Manea for excellent research assistance, and Samuel Skoda for help with euro area data. I am grateful for comments and suggestions to an anonymous referee, Davide Debortoli, Bob Gordon, Gernot Muller, Athanasios Orphanides, and seminar and conference participants at CREI-UPF, Sintra and the Sveriges Riksbank. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.

---- Disclosure of Financial Relationships for Jordi Galí ----

Jordi Galí is a regular consultant to the European Central Bank, the Norges Bank and the Sveriges Riksbank. In addition, he is a member of the Board of Directors of BanSabadell Inversión, a Barcelona-based investment fund. To his knowledge none of those institutions is likely to have a "financial, ideological, or political stake related to the article".

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