Paper #1488

Título:

Hysteresis and the European unemployment problem revisited

Autor:

Jordi Galí

Fecha:

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

Descargar el paper en formato PDF