Work

Slow Recoveries: A Structural Interpretation

Year: 2012

Type: article

Abstract: An analysis of the performance of GDP, employment, and other labor market variables following the troughs in postwar U.S. business cycles points to much slower recoveries in the three most recent episodes, but does not reveal any significant change over time in the relation between GDP and employment. This leads us to characterize the last three episodes as slow recoveries, as opposed to jobless recoveries. We use the estimated New Keynesian model in Galí, Smets, and Wouters (2011) to provide a structural interpretation for the slower recoveries since the early nineties.

Source: Journal of money credit and banking

DOI: 10.1111/j.1538-4616.2012.00552.x

Authors: JORDI GALÍ, FRANK SMETS, RAFAEL WOUTERS

Institutions: European Central Bank, University of Groningen, Universitat Pompeu Fabra, Barcelona School of Economics, National Bank of Belgium, KU Leuven

Language: English

Topic: Monetary Policy and Economic Impact

Subfield: General Economics, Econometrics and Finance

Field: Economics, Econometrics and Finance

Domain: Social Sciences

SDG: Decent work and economic growth

Open Access status: green

OpenAlex ID: W2057740503

FWCI: 23.56

Cites: 14

Cited by: 95

Related to: 10