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Modeling a Jobless Recovery

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Author Info

  • Glenn MacDonald
  • David Andolfatto

Abstract

The 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: [1] technological advancements favor some sectors relatively more than other sectors; [2] technology diffuses slowly; and [3] the sectoral reallocation of labor takes time.

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Bibliographic Info

Paper provided by Society for Economic Dynamics in its series 2004 Meeting Papers with number 298.

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Date of creation: 2004
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Handle: RePEc:red:sed004:298

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Keywords: Technology Diffusion; Sectoral Reallocation;

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