Hysteresis and the European Unemployment Problem Revisited

Jordi Galí

No 21430, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: The unemployment rate in the euro area appears to contain a significant nonstationary component, suggesting that some shocks have permanent effects on that variable. I explore possible sources of this nonstationarity through the lens of a New Keynesian model with unemployment, and assess their empirical relevance.

JEL-codes: E24 E31 E32 (search for similar items in EconPapers)
Date: 2015-07
New Economics Papers: this item is included in nep-lma and nep-mac
Note: EFG IFM ME
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Citations: View citations in EconPapers (9)

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Working Paper: Hysteresis and the European Unemployment Problem Revisited (2015)
Working Paper: Hysteresis and the European Unemployment Problem Revisited (2015)
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