Hysteresis and the Sources of Shocks: A Cross-Country Analysis

M Balmaseda, Juan Dolado and David Lopez-Salido

Working Papers from Centro de Estudios Monetarios Y Financieros-

Abstract: This paper uses a long-run identifying restrictions on a three-variable system containing output growth, real wage growth and the unemployment rate, to isolate three "structural" shocks which drove business cycle fluctuations in a sample of 16 OECD countries during 1950-94.

Keywords: ECONOMIC GROWTH; WAGES; BUSINESS CYCLES; EXPORTS; EMPLOYMENT (search for similar items in EconPapers)
JEL-codes: O41 O47 (search for similar items in EconPapers)
Pages: 31 pages
Date: 1996
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Citations: View citations in EconPapers (2)

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Working Paper: Hysteresis and the Sources of Shocks: A Cross-Country Analysis (1996)
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Persistent link: https://EconPapers.repec.org/RePEc:fth:cemfdt:9614

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