Unemployment Reduction Prowess Under Bush versus Obama Years
AbstractThis paper attempts to compare the performance of presidents George W. Bush and Obama in the context of reduction of unemployment by comparing the Beveridge curve tradeoffs between vacancy and unemployment rates. We consider monthly data and measure the output of the economy as gross value of industrial production to define the output labor ratio. A new production function model estimates distinct "friction scale elasticities," marginal elasticities and elasticities of substitution under Bush and Obama. The discrepancy is related to our not including capital input, interest rates, wage rates and similar important variables in our simplified model. However we provide new isoquant maps with distinct appearances during Bush and Obama years providing mild support for Zingales (2012). Ultimately, there might be distinct employer evaluations of expected future profitability during the Bush and Obama periods. We implement all this in a completely reproducible and transparent manner using the free R software.
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Bibliographic InfoPaper provided by Fordham University, Department of Economics in its series Fordham Economics Discussion Paper Series with number dp2012_02.
Date of creation: 2012
Date of revision:
Unemployment; Vacnacies; Bush; Obama; Elasticities; Friction; R software;
Find related papers by JEL classification:
- E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment
- E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
- C4 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics
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- Mary C. Daly & Bart Hobijn & Aysegül Sahin & Robert G. Valletta, 2012. "A Search and Matching Approach to Labor Markets: Did the Natural Rate of Unemployment Rise?," Journal of Economic Perspectives, American Economic Association, vol. 26(3), pages 3-26, Summer.
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