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The Impact of Monetary Policy on Unemployment Hysteresis

Author

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  • Simon Sturn

    (Macroeconomic Policy Institute - Macroeconomic Policy Institute)

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.

Suggested Citation

  • Simon Sturn, 2011. "The Impact of Monetary Policy on Unemployment Hysteresis," Post-Print hal-00718701, HAL.
    • Handle: RePEc:hal:journl:hal-00718701
    DOI: 10.1080/00036846.2011.566199
    Note: View the original document on HAL open archive server: https://hal.science/hal-00718701
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    File URL: https://hal.science/hal-00718701/document
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    Cited by:

    1. Dávila-Ospina, Andrés O., 2023. "Hysteresis From Monetary Policy Mistakes: How Bad Could It Be?," Documentos CEDE 21003, Universidad de los Andes, Facultad de Economía, CEDE.
    2. Grodzicki, Maciej J. & Możdżeń, Michał, 2021. "Central and Eastern European economies in a Goldilocks age: A model of labor market institutional choice," Economic Modelling, Elsevier, vol. 104(C).
    3. Laurence Ball & Joern Onken, 2022. "Hysteresis in unemployment: Evidence from OECD estimates of the natural rate," International Finance, Wiley Blackwell, vol. 25(3), pages 268-284, December.
    4. Simon Sturn, 2011. "Labour market regimes and unemployment in OECD countries," IMK Working Paper 6-2011, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.

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    Keywords

    Social Sciences & Humanities;

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