From micro to macro hysteresis : long-run effects of monetary policy / by Felipe Alves and Giovanni L. Violante.: FB3-5/2024-39E-PDF
"We develop a Heterogeneous Agent New Keynesian model with a three-state frictional labour market that is consistent with the empirical evidence that (i) low-skilled workers are more exposed to the business cycle, (ii) displacement leads to long-lasting earnings losses, and (iii) unemployment is a stepping stone toward exit from the labor force. In this environment, a transient contractionary monetary policy shock induces a very persistent reduction in labour force participation and labour productivity, especially among workers at the bottom of the skill distribution"--Abstract, page ii.
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| Title | From micro to macro hysteresis : long-run effects of monetary policy / by Felipe Alves and Giovanni L. Violante. |
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| Publication type | Monograph - View Master Record |
| Language | [English] |
| Format | Digital text |
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| Description | 1 online resource (ii, 39 pages) : graphs. |
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