UNEMPLOYMENT AND PRODUCTIVITY IN THE LONG RUN: THE ROLE OF MACROECONOMIC VOLATILITY

• 成果类型: Article
• 署名作者: Benigno, Pierpaolo; Ricci, Luca Antonio; Surico, Paolo
• 署名单位: International Monetary Fund; University of London; London Business School
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.1162/REST_a_00508
• 发表日期: 2015-07
• 页码: 698-709
• 关键词: real wage rigidity; keynesian model; us economy; fluctuations; GROWTH; IMPACT

摘要

This paper presents a new empirical regularity between the volatility of productivity growth and long-run unemployment for a given level of long-run productivity growth. A theoretical framework based on asymmetric real wage rigidities is shown to have the potential to rationalize this finding. The model tends to fit U.S. long-run unemployment better than a specification based on long-run productivity growth only, especially during the Great Moderation and the Great Recession.