Unemployment crises

Nicolas Petrosky-Nadeau and Lu Zhang

Journal of Monetary Economics, 2021, vol. 117, issue C, 335-353

Abstract: An equilibrium search model with credible bargaining, when calibrated to the mean and volatility of postwar unemployment rates, is a good start to understanding the unemployment crisis in the Great Depression. Drawing from rarely used data sources, this paper compiles historical monthly time series of U.S. unemployment rates, vacancy rates, and labor productivity, some of which date back to 1890. The frequency, persistence, and severity of the unemployment crises in the model are quantitatively consistent with those in the historical data.

Keywords: Search model of equilibrium unemployment; The great depression; The unemployment volatility; Economic history; Globally nonlinear solution (search for similar items in EconPapers)
JEL-codes: E24 E32 J63 J64 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (7)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:moneco:v:117:y:2021:i:c:p:335-353

DOI: 10.1016/j.jmoneco.2020.01.009

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