Modeling a Jobless Recovery
AbstractThe initial expansionary phase of the business cycle appears to be characterized by what commentators have labelled a puzzling "jobless recovery" phase i.e., rapid growth in productivity (and output) with relatively sluggish expansion in employment. We demonstrate that a jobless recovery is a natural byproduct of an economy where:  technological advancements favor some sectors relatively more than other sectors;  technology diffuses slowly; and  the sectoral reallocation of labor takes time.
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Bibliographic InfoPaper provided by Society for Economic Dynamics in its series 2004 Meeting Papers with number 298.
Date of creation: 2004
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Postal: Society for Economic Dynamics Christian Zimmermann Economic Research Federal Reserve Bank of St. Louis PO Box 442 St. Louis MO 63166-0442 USA
Web page: http://www.EconomicDynamics.org/society.htm
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Technology Diffusion; Sectoral Reallocation;
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- E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
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