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Unemployment Reduction Prowess Under Bush versus Obama Years

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  • Hrishikesh D. Vinod

    (Fordham University)

Abstract

This 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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File URL: http://www.fordham.edu/images/academics/graduate_schools/gsas/economics/DP2012_02_Vinod.pdf
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Bibliographic Info

Paper provided by Fordham University, Department of Economics in its series Fordham Economics Discussion Paper Series with number dp2012_02.

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Date of creation: 2012
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Handle: RePEc:frd:wpaper:dp2012_02

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Web page: http://www.fordham.edu/economics/
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Related research

Keywords: Unemployment; Vacnacies; Bush; Obama; Elasticities; Friction; R software;

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  1. Mary C. Daly & Bart Hobijn & Ayseg├╝l 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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