Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/105907
Authors: 
Stockhammer, Engelbert
Sturn, Simon
Year of Publication: 
2008
Series/Report no.: 
IMK Working Paper 15/2008
Abstract: 
This paper 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 OECD countries for which the required data is available. The time period lasts from 1980 to 2007. The paper builds on Ball (1999) and extends the sample of countries, the time period under investigation and the set of control variables.
Subjects: 
monetary policy
NAIRU
structual unemployment
hysteresis
endogenous NAIRU
JEL: 
E24
E39
E50
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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