Is Modern Technology Responsible for Jobless Recoveries?
نویسندگان
چکیده
منابع مشابه
The Role of Uncertainty in Jobless Recoveries∗
The three most recent downturns, in contrast with other post-war recessions, are characterized by slow recoveries in employment despite positive economic growth. I find that recent recoveries coincide with high uncertainty about economy-wide corporate profits at a time when output begins to rebound, a pattern that was not observed in the earlier recessions. To examine the role of uncertainty in...
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There are three leading explanations for the recent jobless recoveries: increasing importance of permanent shocks; long expansions creating greater need for restructuring; and structural changes that cause a shift towards adjusting labor inputs more at the intensive margin (hours) rather than the extensive margin (employment). This paper considers these competing explanations using a correlated...
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This paper explores the joint implications of two assumptions in a business cycle model: the key shock is reallocational, rendering some of the capital stock unproductive while not affecting the remainder; and wages are rigid and do not respond to the shock. In a model with an otherwise-frictionless labor market model, an adverse shock leads to a proportional and permanent decline in capital, e...
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This paper uses new data on job creation and job destruction to find evidence of a link between the jobless recoveries of the last two recessions and the recent decline in aggregate volatility known as the Great Moderation. I find that the last two recessions are characterized by jobless recoveries that came about through contrasting margins of employment adjustment—a relatively slow decline in...
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The jobless recoveries in the aftermath of the 1991 and 2001 recessions have puzzled many. Most explanations have focused on structural change. In this paper, I investigate the quantitative contribution of a cyclical mechanism towards generating jobless recoveries. Extending the model by Hansen and Sargent (1988), I calibrate and compute a dynamic stochastic general equilibrium model of heterog...
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ژورنال
عنوان ژورنال: American Economic Review
سال: 2017
ISSN: 0002-8282
DOI: 10.1257/aer.p20171100