A note on the macroeconomic modelling of unemployment hysteresis

Knut Røed ()

Applied Economics Letters, 1999, vol. 6, issue 4, 255-258

Abstract: In macroeconomics, unemployment hysteresis typically arises as a special case of an otherwise stationary model. Imposing hysteresis is often equivalent to imposing a random walk, i.e. a situation in which the permanent fraction of a shock is equal to unity. This paper develops a more general linear model of unemployment hysteresis in which permanency is viewed as a continuous, rather than a discrete, phenomenon. Stationarity arises as a special case.

Date: 1999
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DOI: 10.1080/135048599353465

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