منابع مشابه
A Model of Aggregate Demand and Unemployment
We present a static model of aggregate demand and unemployment. The economy has a nonproduced good, a produced good, and labor. Product and labor markets have matching frictions. A general equilibrium is a set of prices, market tightnesses, and quantities such that buyers and sellers optimize given prices and tightnesses, and actual tightnesses equal posted tightnesses. In each frictional marke...
متن کاملWhat Explains High Unemployment? The Deleveraging – Aggregate Demand Hypothesis
A negative aggregate demand shock driven by household deleveraging is responsible for a large fraction of the decline in U.S. employment from 2007 to 2009. The deleveraging – aggregate demand hypothesis predicts that employment losses in the non-tradable sector will be higher in high leverage U.S. counties that experienced the bulk of the deleveraging process, while losses in the tradable secto...
متن کاملWhat Explains High Unemployment? The Aggregate Demand Channel
A drop in aggregate demand driven by shocks to household balance sheets is responsible for a large fraction of the decline in U.S. employment from 2007 to 2009. The aggregate demand channel for unemployment predicts that employment losses in the non-tradable sector are higher in high leverage U.S. counties that were most severely impacted by the balance sheet shock, while losses in the tradable...
متن کاملReconsidering the long-run relationship between inflation and unemployment
In this paper a brief history of the Phillips curve from Fisher (1973 [1926]) to the FriedmanPhelps natural rate hypothesis is sketched. Empirical evidence from France, Germany, the United Kingdom and the United States during the latter half of the 20th century in support of a positive long-run relationship between inflation and unemployment is presented. In order to reconcile the predominant t...
متن کاملIns and Outs of the Long-Run Unemployment Dy- namics
This paper studies the contribution of inow and outow rates to the unemployment dynamics in the long-run. I nd that in the U.S., both inow and outow rates contribute signi cantly to variation in the long-run trend of the unemployment rate. Inow and outow rates account for roughly similar proportions of overall unemployment variability in the long-run. Keywords: Unemployment dynamics; Job...
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ژورنال
عنوان ژورنال: Brookings Papers on Economic Activity
سال: 1999
ISSN: 0007-2303
DOI: 10.2307/2534680