Paper #1488
- Título:
- Hysteresis and the European unemployment problem revisited
- Autor:
- Jordi Galí
- Data:
- Junio 2015
- Resumen:
- 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.
- Palabras clave:
- wage stickiness, New Keynesian model, unemployment fluctuations, Phillips curve, insider-outsider model.
- Códigos JEL:
- E24, E31, E32.
- Área de investigación:
- Macroeconomía y Economía Internacional
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