Unemployment crises

• 成果类型: Article
• 署名作者: Petrosky-Nadeau, Nicolas; Zhang, Lu
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - San Francisco; University System of Ohio; Ohio State University; National Bureau of Economic Research
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2020.01.009
• 发表日期: 2021
• 关键词: Search model of equilibrium unemployment; The great depression; The unemployment volatility; Economic history; Globally nonlinear solution

摘要

An equilibrium search model with credible bargaining, when calibrated to the mean and volatility of postwar unemployment rates, is a good start to understanding the unemployment crisis in the Great Depression. Drawing from rarely used data sources, this paper compiles historical monthly time series of U.S. unemployment rates, vacancy rates, and labor productivity, some of which date back to 1890. The frequency, persistence, and severity of the unemployment crises in the model are quantitatively consistent with those in the historical data. Published by Elsevier B.V.