Slow Recoveries: A Structural Interpretation

Galí, Jordi, Frank Smets and Raf Wouters
Authors registered in the RePEc Author Service: Jordi Galí

No 8978, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: An analysis of the performance of GDP, employment and other labor market variables following the troughs in postwar U.S. business cycles points to much slower recoveries in the three most recent episodes, but does not reveal any significant change over time in the relation between GDP and employment. This leads us to characterize the last three episodes as slow recoveries, as opposed to jobless recoveries. We use the estimated New Keynesian model in Galí-Smets-Wouters (2011) to provide a structural interpretation for the slower recoveries since the early nineties.

Keywords: Estimated dsge models; Jobless recoveries; Okun's law; U.s. business cycle (search for similar items in EconPapers)
JEL-codes: E32 (search for similar items in EconPapers)
Date: 2012-05
New Economics Papers: this item is included in nep-bec and nep-mac
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Citations: View citations in EconPapers (108)

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Related works:
Working Paper: Slow Recoveries: A Structural Interpretation (2015)
Journal Article: Slow Recoveries: A Structural Interpretation (2012)
Journal Article: Slow Recoveries: A Structural Interpretation (2012)
Working Paper: Slow Recoveries: A Structural Interpretation (2012)
Working Paper: Slow recoveries: A structural interpretation (2012)
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