Modeling a Jobless Recovery

Glenn MacDonald and David Andolfatto ()

No 298, 2004 Meeting Papers from Society for Economic Dynamics

Abstract: The initial expansionary phase of the business cycle appears to be characterized by what commentators have labelled a puzzling "jobless recovery" phase i.e., rapid growth in productivity (and output) with relatively sluggish expansion in employment. We demonstrate that a jobless recovery is a natural byproduct of an economy where: [1] technological advancements favor some sectors relatively more than other sectors; [2] technology diffuses slowly; and [3] the sectoral reallocation of labor takes time.

Keywords: Technology Diffusion; Sectoral Reallocation (search for similar items in EconPapers)
JEL-codes: E44 (search for similar items in EconPapers)
Date: 2004
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