The impact of monetary policy on unemployment hysteresis

Engelbert Stockhammer and Simon Sturn

Applied Economics, 2012, vol. 44, issue 21, 2743-2756

Abstract: This article investigates the hypothesis that the extent to which hysteresis occurs in the aftermath of recessions depends on monetary policy reactions. The degree of hysteresis is explained econometrically by the extent of monetary easing during a recession and by standard variables for labour market institutions in a pooled cross country analysis using quarterly data. The sample includes 40 recessions in 19 Organization for Economic Co-operation and Development (OECD) countries for which the required data is available. The time period lasts for the period from 1980 to 2007. This article builds on Ball (1999) and extends the sample of countries, the time period under investigation and the set of control variables.

Date: 2012
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Journal Article: The impact of monetary policy on unemployment hysteresis (2012)
Working Paper: The Impact of Monetary Policy on Unemployment Hysteresis (2008)
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DOI: 10.1080/00036846.2011.566199

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