Productivity and unemployment over the business cycle
成果类型：
Article
署名作者：
Barnichon, Regis
署名单位：
Federal Reserve System - USA; Federal Reserve System Board of Governors
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/j.jmoneco.2010.09.006
发表日期：
2010
页码：
1013-1025
关键词：
摘要：
The low correlation between cyclical unemployment and productivity over the postwar period hides a large sign switch in the mid-1980s from significantly negative the correlation became significantly positive Using a search model of unemployment with nominal rigidities and variable labor effort I show that technology shocks can generate a positive unemployment-productivity correlation whereas non-technology shocks (i e aggregate demand shocks) tend to do the opposite In this context I identify two events that can quantitatively explain the increase in the correlation (i) a sharp drop in the volatility of non-technology shocks in the mid-1980s and (II) a decline in the response of productivity to non-technology shocks which from procyclical became acyclical in the last 25 years Published by Elsevier B V
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