Slow Recoveries: A Structural Interpretation

Jordi Galí, Frank Smets and Raf Wouters

Journal of Money, Credit and Banking, 2012, vol. 44, issue s2, 9-30

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, and Wouters (2011) to provide a structural interpretation for the slower recoveries since the early nineties.

Date: 2012
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https://doi.org/10.1111/j.1538-4616.2012.00552.x

Related works:
Working Paper: Slow Recoveries: A Structural Interpretation (2015)
Journal Article: Slow Recoveries: A Structural Interpretation (2012)
Working Paper: 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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Persistent link: https://EconPapers.repec.org/RePEc:wly:jmoncb:v:44:y:2012:i:s2:p:9-30

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