The impact of monetary policy on unemployment hysteresis

被引：31

作者：

Stockhammer, Engelbert ^{[1
]}

Sturn, Simon ^{[2
]}

机构：

[1] Kingston Univ, Kingston Upon Thames KT1 2EE, Surrey, England

[2] Hans Bockler Fdn, Macroecon Policy Inst IMK, D-40476 Dusseldorf, Germany

来源：

APPLIED ECONOMICS | 2012年 / 44卷 / 21期

基金：

奥地利科学基金会;

关键词：

monetary policy; NAIRU; structural unemployment; hysteresis; endogenous NAIRU; OECD COUNTRIES; NATURAL RATE; UNIT ROOTS; NAIRU;

D O I：

10.1080/00036846.2011.566199

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This article investigates the hypothesis that the extent to which hysteresis occurs in the aftermath of recessions depends on monetary policy reactions. The degree of hysteresis is explained econometrically by the extent of monetary easing during a recession and by standard variables for labour market institutions in a pooled cross country analysis using quarterly data. The sample includes 40 recessions in 19 Organization for Economic Co-operation and Development (OECD) countries for which the required data is available. The time period lasts for the period from 1980 to 2007. This article builds on Ball (1999) and extends the sample of countries, the time period under investigation and the set of control variables.

引用

页码：2743 / 2756

页数：14

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