Unemployment and Productivity in the Long Run : the Role of Macroeconomic Volatility /

We propose a theory of low-frequency movements in unemployment based on asymmetric real wage rigidities. The theory generates two main predictions: long-run unemployment increases with (i) a fall in long-run productivity growth and (ii) a rise in the variance of productivity growth. Evidence based o...

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Bibliographic Details
Online Access:Electronic book from EBSCO
Main Author: Surico, Paolo.
Other Authors: Benigno, Pierpaolo., Ricci, Luca Antonio.
Format: eBook
Published:Washington, D.C. : International Monetary Fund, 2010.
Series:IMF working paper ; Working Paper no. 10/259.


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