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Unemployment, Hysteresis, and the Natural Rate Hypothesis

Author: Rod Cross
Publisher:
ISBN: 9780063115682
Category : Employment (Economic theory)
Languages : en
Pages : 416

Book Description
Aimed at economists and students of macroeconomics and labour economics, this collection of essays covers topics ranging from hysteresis and the natural rate to characteristics of the unemployed.

Unemployment, Hysteresis, and the Natural Rate Hypothesis

Author: Rod Cross
Publisher:
ISBN: 9780063115682
Category : Employment (Economic theory)
Languages : en
Pages : 416

The Natural Rate of Unemployment

Author: Rod Cross
Publisher: Cambridge University Press
ISBN: 9780521483308
Category : Business & Economics
Languages : en
Pages : 404

Book Description
For 25 years, theory about the causes of, and possible solutions to, the problem of unemployment has been dominated by Phelps' and Friedman's natural rate of unemployment hypothesis. This postulates that the equilibrium rate of unemployment consistent with steady inflation is determined by structural variables: sustainable reductions in unemployment can be achieved only by measures to change underlying microeconomic structures, such as benefit and pay bargaining systems. Belief in the hypothesis has faltered since the 1980s, the hypothesis being unable to explain the dramatic upward shifts in European unemployment rates. These essays reflect upon the fundamental structures underlying the hypothesis, assess the related evidence, and look forwards, suggesting possible modifications. In contrast to the single rate postulated by the natural rate hypothesis, several of the contributors propose that there are ranges of unemployment rates consistent with steady inflation.

The "Natural" Rate of Unemployment

Author:
Publisher:
ISBN:
Category : Unemployment
Languages : en
Pages : 40

Book Description

The Natural Rate Hypothesis, Hysteresis, and the U.S. Employment Experience

Author: Gilbert E. McNeill
Publisher:
ISBN:
Category : Unemployment
Languages : en
Pages : 25

Book Description

Hysteresis Effects in Economic Models

Author: Wolfgang Franz
Publisher: Springer Science & Business Media
ISBN: 3642515436
Category : Business & Economics
Languages : en
Pages : 127

Book Description
This volume is devoted to the hysteresis phenomenon in economic relationships. This topic has received renewed attention in economics especially in the late eigh ties. Since the issue is not settled there is still a growing literature on it. The aim of this volume is to summarize the findings, present new results, and to draw attention to further research. All papers are written for this volume and are not published elsewhere. I am very grateful to all authors and referees without whose prompt and generous help this volume would not appear in the present form. A short summary of each paper is given in section 5 of the overview paper. Konstanz, January 1990 Wolfgang Franz University of Konstanz Contents Hysteresis in Economic Relationships: An Overview W. Franz . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Hysteresis in Trade R. Baldwin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Some Evidence on the Membership Hysteresis Hypothesis in Europe M. C. Burda . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 Insider-Outsider Influences on Industry Wages D. T. Coe . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55 Testing for Hysteresis in Unemployment An Unobserved Components Approach A. Jaeger and M. Parkinson. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77 Unemployment and Deterioration of Human Capital J. Moller . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91 Hysteresis, Nairn and Long Term Unemployment in Austria P. Neudorfer, K. Pichelmann and M. Wagner . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109 Hysteresis in Economic Relationships: An Overview l By W. Franz Can the socialist man be created so as not to show any hysteresis trace of his bourgois or peasant past? N. Georgescu-Roegen (l971. p. 126) 1 Introduction The hysteresis phenomenon has received renewed attention in economic science.

Hysteresis Vs. Natural Rate of US Unemployment

Author:
Publisher:
ISBN:
Category :
Languages : en
Pages :

Book Description

Hysteresis in Labor Markets? Evidence from Professional Long-Term Forecasts

Author: Mr.John C Bluedorn
Publisher: International Monetary Fund
ISBN: 149831712X
Category : Business & Economics
Languages : en
Pages : 22

Book Description
We explore the long-term impact of economic booms on labor market outcomes using a novel approach based on revisions to professional forecasts over the past 30 years for 34 advanced economies. We find that when employment rises unexpectedly, forecasters typically raise their long-term forecasts of employment by more than one-for-one and also expect a strong rise in labor force participation, suggesting more persistent effects than is traditionally assumed. Economic booms associated with changes in aggregate demand, when inflation is rising and unemployment falling unexpectedly, also come with persistent long-term effects on expected employment and labor force participation, suggesting positive hysteresis. Our forecast evaluation tests indicate that forecasters are, on average, unbiased in their assessment of these positive, persistent effects.

Some Evidence on Hysteresis in Unemployment Rates

Author: Albert Jaeger
Publisher:
ISBN:
Category : Employment (Economic theory)
Languages : en
Pages : 54

Book Description

Does Unemployment Hysteresis Falsify the Natural Rate Hypothesis? A Meta-Regression Analysis

Author: Tom Stanley
Publisher:
ISBN:
Category :
Languages : en
Pages : 0

Book Description
A quantitative survey of 24 studies containing 99 national estimates of unemployment persistence reinstates unemployment hysteresis as a viable falsifying hypothesis to the natural rate hypothesis. Empirical evidence to the contrary may be attributed to small-sample, misspecification and publication biases. Larger estimates of unemployment persistence are produced by models that use more information (t= 9.03; P

Testing for Hysteresis in Unemployment

Author: Albert Jäger
Publisher:
ISBN:
Category : Unemployment
Languages : en
Pages : 48

Book Description