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Unemployment and productivity in the long-run: The role of macroeconomic volatility,

Journal

Review of Economics and Statistics

Subject

Economics

Publishing details

Review of Economics and Statistics 2015 Vol 97:3 p 698-709

Authors / Editors

Benigno P;Ricci L;Surico P

Biographies

Paolo Surico

Publication Year

2015

Abstract

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.

Available on ECCH

No


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