Centurial evidence of breaks in the persistence of unemployment

Atanu Ghoshray and Michalis P. Stamatogiannis

Economics Letters, 2015, vol. 129, issue C, 74-76

Abstract: A novel procedure is applied to test for switches between hysteresis and the natural rate theory over more than a century of UK and USA unemployment data. For both the countries we see a period conforming to hysteresis starting in the early 1920s for the UK and 1930 for USA.

Keywords: Unemployment; Hysteresis; Unit root; Dynamic persistence (search for similar items in EconPapers)
JEL-codes: C12 C22 E24 (search for similar items in EconPapers)
Date: 2015
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Citations: View citations in EconPapers (6)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:129:y:2015:i:c:p:74-76

DOI: 10.1016/j.econlet.2015.02.012

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