The Modigliani Puzzle Revisited: A Note

Margarita Katsimi and Gylfi Zoega

No 6833, CESifo Working Paper Series from CESifo

Abstract: We estimate the relationship between investment and unemployment in order to explore whether the medium-term relationship emphasized by Franco Modigliani survived the recent Great Recession. Our results indicate that the relationship held up, both employment and investment fell although the estimated coefficient of investment is slightly smaller when the period 2000-2015 is added to the 1960-2000 period.

Keywords: Modigliani puzzle; investment; unemployment; Great Recession (search for similar items in EconPapers)
JEL-codes: E20 J10 (search for similar items in EconPapers)
Date: 2017
New Economics Papers: this item is included in nep-mac
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Persistent link: https://EconPapers.repec.org/RePEc:ces:ceswps:_6833

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