Data and Code for: Estimating Hysteresis Effects
收藏ICPSR2025-01-01 更新2026-04-16 收录
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https://www.openicpsr.org/openicpsr/project/194141/version/V2/view?path=/openicpsr/194141/fcr:versions/V2/README.pdf&type=file
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资源简介：
In this paper we identify demand shocks that can have a permanent effect on output through hysteresis effects. We call these shocks permanent demand shocks. They are found to be quantitatively important in the United States, in particular in samples starting in the 1980s. Recessions driven by permanent demand shocks lead to a permanent decline in employment and investment, while output per worker is largely unaffected. We find strong evidence that hysteresis transmits through a rise in long-term unemployment and a decline in labor force participation and disproportionately affects the least productive workers.<br>
提供机构：
Emory University; Central Bank of Norway; Bank of Norway; Board of Governors of the Federal Reserve System
创建时间：
2025-01-01
