The Impact of Monetary Policy on Unemployment Hysteresis

Arbeitspapier

This paper 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 OECD countries for which the required data is available. The time period lasts from 1980 to 2007. The paper builds on Ball (1999) and extends the sample of countries, the time period under investigation and the set of control variables.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: IMK Working Paper ; No. 15/2008

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity ; Prices, Business Fluctuations, and Cycles: Other ; Monetary Policy, Central Banking, and the Supply of Money and Credit: General
• Thema: monetary policy ; NAIRU ; structual unemployment ; hysteresis ; endogenous NAIRU

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Stockhammer, Engelbert ; Sturn, Simon
• Ereignis: Veröffentlichung
• (wer): Hans-Böckler-Stiftung, Institut für Makroökonomie und Konjunkturforschung (IMK)
• (wo): Düsseldorf
• (wann): 2008

Weitere Informationen

• Handle: http://hdl.handle.net/10419/105907
• URN: urn:nbn:de:101:1-2008110469
• Letzte Aktualisierung: 20.09.2024, 08:23 MESZ