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Output and Unemployment Dynamics during the Great Recession :, A Panel Unobserved Components Analysis, Francis Vitek

This paper analyzes the sources of output and unemployment dynamics in the world economy during the Great Recession. This analysis is based on a panel unobserved components model of the world economy, disaggregated into its fifteen largest national economies. We find that excess supply pressure was primarily transmitted from the output market to the labor market by economy specific combinations of negative domestic or foreign output demand shocks, mitigated to varying degrees by countercyclical labor market policies or institutions
Table Of Contents
Cover Page; Title Page; Copyright Page; Contents; I. Introduction; II. The Panel Unobserved Components Model; A. Cyclical Components; B. Trend Components; III. Estimation; A. Estimation Procedure; B. Estimation Results; IV. Inference; V. Conclusion; A. Description of the Data Set; B. Tables and Figures; 1. Parameter Estimation Results; 1. Output Gap versus Unemployment Rate Gap Estimates; 2. Historical Decompositions of Output Growth; 3. Historical Decompositions of the Unemployment Rate; References; Footnotes
Literary Form
non fiction
"July 2010."
Physical Description
1 online resource (35 p.)
Specific Material Designation
Form Of Item

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