Unemployment persistence: Does the size of the shock matter?

Journal of Applied Econometrics

Volumn 13, Issue 3, 1998, Pages 283-304

  Bianchi, Marco ^a   Zoega, Gylfi ^b  

^a BANK OF ENGLAND   (United Kingdom)

^b UNIVERSITY OF LONDON   (United Kingdom)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 0032398677     PISSN: 08837252     EISSN: None     Source Type: Journal    
DOI: 10.1002/(SICI)1099-1255(199805/06)13:3<283::AID-JAE469>3.0.CO;2-S     Document Type: Article

References (41)

1. Andrews, D. W. K. (1993), 'Tests for parameter instability and structural change with unknown change point', Econometrica, 61, 821-56.
2. Barro, R. J. (1992). 'World interest rates and investment', Scandinavian Journal of Economics, 94, 323-42.
3. Bianchi, M. (1997), Testing for convergence: evidence from nonparametric multimodality tests', Journal of Applied Econometrics, 12, 393-409.
4. Blanchard, O. J. and L. Summers (1986), Hysteresis and the European Unemployment Problem, NBER Macroeconomics Annual, Vol. I, MIT Press, Cambridge MA, 15-78.
5. Blanchard, O. J. and L. Summers (1987), 'Hysteresis in unemployment', European Economic Review, 31, 288-95.
6. Blanchard, O. J. and L. H. Summers (1988), 'Beyond the natural rate hypothesis', American Economic Review, 78, 182-7.
7. Calmfors, L. and J. Driffil (1988), 'Centralization of wage bargaining and macroeconomic performance', Economic Policy, 6, 13-61.
8. Davies, R. B. (1977), 'Hypothesis testing when a nuisance parameter is present only under the alternative', Biometrika, 64, 247-54.
9. Davies, R. B. (1987), 'Hypothesis testing when a nuisance parameter is present only under the alternative,' Biometrika, 74, 33-43.
10. Diamond, P. (1982), 'Aggregate demand management in search equilibrium', Journal of Political Economy, 90, 881-95.
11. Efron, B. and R. J. Tibshirani (1993), An Introduction to the Bootstrap, Monographs on Statistics and Applied Probability, 57, Chapman and Hall, New York.
12. Gallant, A. R. (1977), 'Testing for a nonlinear regression specification: a nonregular case', Journal of the American Statistical Association, 72, 523-30.
13. Garcia, R. and P. Perron (1991), 'An analysis of the real interest rate under regime shifts', Cahier no. 2391, CRDE, Université de Montrèal.
14. Greenwald, B. and J. E. Stiglitz (1993), 'Financial market imperfections and business cycles', Quarterly Journal of Economics, CVIII, February, 77-114.
15. Györfi, L., W. Härdle, P. Sarda, and P. Vieu (1989), Nonparametric Curve Estimation from Time-Series, Springer-Verlag, Berlin.
16. Hamilton, J. D. (1989), 'A new approach to the economic analysis of nonstationary time series and the business cycle', Econometrica, 57, 357-84.
17. Hamilton, J. D. (1993), 'Estimation, inference and forecasting of time series subject to changes in regime', in G. S. Maddala, C. R. Rao and H. D. Vinod (eds), Handbook of Statistics, vol. 11, chapter 9. North Holland
18. Hamilton, J. D. (1994), 'State-space models', in R. Engle and D. MacFadden (eds), Handbook of Econometrics, Volume 4, North-Holland, Amsterdam.
19. Hansen, B. E. (1996), 'Inference when a nuisance parameter is not identified under the null hypothesis', Econometrica, 64, 413-29.
20. Hart, O. (1982), 'A model of imperfect competition with Keynesian features', Quarterly Journal of Economics, 97, 109-38.
21. Hoon, H. and E. S. Phelps (1992), 'Macroeconomic shocks in a dynamized model of the natural rate of unemployment', American Economic Review, 82, 889-900.
22. Howitt, P. (1987), 'Business cycles with costly search and recruiting', Quarterly Journal of Economics, CIII, 147-65.
23. Izenman, A. J. and C. J. Sommer (1988), 'Philatelic mixtures and multimodal densities', Journal of the American Statistical Association, 83(404), 941-53.
24. Layard, R. and S. J. Nickell (1986), 'Unemployment in Britain', Economica, 53, 121-69.
25. Layard, R., S. Nickell, and R. Jackman (1991), Unemployment, Macroeconomic Performance and the Labour Market, Oxford University Press, Oxford.
26. Lindbeck, A., P. Molander, T. Persson, O. Peterson, A. Sandmo, B. Swedenborg and N. Thygesen (1993), 'Options for economic and political reform in Sweden', Economic Policy, 17, 219-65.
27. Lindbeck, A. and D. J. Snower (1986), 'Wage setting, unemployment and insider-outsider relations', American Economic Review Proceedings, 76, 235-39.
28. Manning, A. (1990), 'Imperfect competition, multiple equilibria and unemployment policy', Economic Journal Supplement, 100, 151-62.
29. McDonald, I. and R. M. Solow (1981), 'Wage bargaining and employment', American Economic Review, 71, 896-908.
30. Mortensen, D. T. (1989), 'The persistence and indeterminacy of unemployment in search equilibrium', Scandinavian Journal of Economics, 91, 347-70.
31. Okun, A. M. (1973), 'Upward mobility in a high-pressure economy', Brooking Papers on Economic Activity, 1, 207-52.
32. Perron, P. (1989), The Great Crash, the oil price shock, and the unit root hypothesis', Econometrica, 6, 1361-1401.
33. Perron, P. (1990), 'Testing for a unit root in a time-series with a changing mean', Journal of Business & Economic Statistics, 8, 153-62.
34. Phelps, E. S. (1972), Inflation Policy and Unemployment Theory, MacMillan, London.
35. Phelps, E. S. (1994), Structural Slumps - The Modern Equilibrium Theory of Unemployment, Interest, and Assets, Harvard University Press, Cambridge, MA.
36. Sachs, J. (1987), 'High unemployment in Europe Diagnosis and policy implications', in H. Claes (ed.), Unemployment in Europe, Timbro, Stockholm.
37. Shapiro, C. and J. E. Stiglitz (1984), 'Equilibrium unemployment as a worker discipline device', American Economic Review, 74, 433-44.
38. Silverman, B. W. (1983), 'Some properties of a test for multimodality based on kernel density estimates', in J. F. C. Kingman and G. E. G. Reuter (eds), Probability, Statistics, and Analysis. Cambridge University Press, Cambridge, pp. 248-60.
39. Silverman, B. W. (1986), Density Estimation for Statistics and Data Analysis, Monographs on Statistics and Applied Probability no. 26, Chapman and Hall, London.
40. Summers, L. H. (1990), Understanding Unemployment, MIT Press, Cambridge, MA.
41. Weitzman, M. (1982), 'Increasing returns and the foundations of unemployment, Economic Journal, 92, 787-804.