Paper #1317

Título:

Slow recoveries: A structural interpretation

Autores:

Jordi Galí, Frank Smets y Rafael Wouters

Fecha:

Mayo 2012

Resumen:

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.

Palabras clave:

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

Códigos JEL:

E32

Área de investigación:

Macroeconomía y Economía Internacional

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