Paper #1317

Títol:

Slow recoveries: A structural interpretation

Autors:

Jordi Galí, Frank Smets i Rafael Wouters

Data:

Maig 2012

Resum:

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 Gal�-Smets- Wouters (2011) to provide a structural interpretation for the slower recoveries since the early nineties.

Paraules clau:

jobless recoveries, U.S. business cycle, estimated DSGE models, Okun's law.

Codis JEL:

E32

Àrea de Recerca:

Macroeconomia i Economia Internacional

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