Franklin

New Evidenceon Cyclical and Structural Sources of Unemployment [electronic resource] Chen, Jinzhu.

Author/Creator:
Chen, Jinzhu.
Publication:
Washington, D.C. : International Monetary Fund, 2011.
Series:
IMF eLibrary
IMF Working Papers; Working Paper No. 11/106.
IMF Working Papers; Working Paper No. 11/106
Format/Description:
Government document
Book
1 online resource (42 p.)
Local subjects:
Aggregate unemployment. (search)
Average duration of unemployment. (search)
Average unemployment. (search)
Beveridge curve. (search)
Cyclical employment. (search)
Cyclical unemployment. (search)
Duration of unemployment. (search)
Economic recession. (search)
Employment. (search)
Employment conditions. (search)
Employment growth. (search)
Employment growth rates. (search)
Employment trends. (search)
Equilibrium unemployment. (search)
Equilibrium unemployment rates. (search)
External shocks. (search)
Global Financial Crisis -- 2008-2009. (search)
High unemployment. (search)
Labor demand. (search)
Long term unemployment. (search)
Long-term unemployment. (search)
Long-term unemployment rate. (search)
Natural rate of unemployment. (search)
Net employment. (search)
Persistent unemployment. (search)
Rate of unemployment. (search)
Sectoral employment. (search)
Short-term unemployment. (search)
Stock markets. (search)
Structural employment. (search)
Structural unemployment. (search)
Total unemployment. (search)
Unemployed. (search)
Unemployed workers. (search)
Unemployment. (search)
Unemployment declines. (search)
Unemployment duration. (search)
Unemployment durations. (search)
Unemployment forecast. (search)
Unemployment increases. (search)
Unemployment outcomes. (search)
Unemployment problem. (search)
Unemployment rate. (search)
Unemployment rates. (search)
Unemployment spells. (search)
Grenada. (search)
India. (search)
United Kingdom. (search)
United States. (search)
Summary:
We provide cross-country evidence on the relative importance of cyclical and structural factors in explaining unemployment, including the sharp rise in U.S. long-term unemployment during the Great Recession of 2007-09. About 75% of the forecast error variance of unemployment is accounted for by cyclical factors-real GDP changes (?Okun‘s Law?), monetary and fiscal policies, and the uncertainty effects emphasized by Bloom (2009). Structural factors, which we measure using the dispersion of industry-level stock returns, account for the remaining 25 percent. For U.S. long-term unemployment the split between cyclical and structural factors is closer to 60-40, including during the Great Recession.
Notes:
Description based on print version record.
Contributor:
Chen, Jinzhu.
Kannan, Prakash.
Loungani, Prakash.
Trehan, Bharat.
Other format:
Print Version:
ISBN:
145526041X:
9781455260416
ISSN:
1018-5941
Publisher Number:
10.5089/9781455260416.001
Access Restriction:
Restricted for use by site license.
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