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Does unemployment hysteresis falsify the natural rate hypothesis? a meta‐regression analysis

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  • T. D. Stanley

Abstract

. A quantitative survey of 24 studies containing 99 national estimates of unemployment persistence reinstates unemployment hysteresis as a viable falsifying hypothesis to the natural rate hypothesis. Empirical evidence to the contrary may be attributed to small‐sample, misspecification and publication biases. Larger estimates of unemployment persistence are produced by models that use more information (t = 9.03; P

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  • T. D. Stanley, 2004. "Does unemployment hysteresis falsify the natural rate hypothesis? a meta‐regression analysis," Journal of Economic Surveys, Wiley Blackwell, vol. 18(4), pages 589-612, September.
  • Handle: RePEc:bla:jecsur:v:18:y:2004:i:4:p:589-612
    DOI: 10.1111/j.0950-0804.2004.00231.x
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    10. Stanley, T.D. & Doucouliagos, Chris & Jarrell, Stephen B., 2008. "Meta-regression analysis as the socio-economics of economics research," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 37(1), pages 276-292, February.
    11. Giraud, Gaël & Grasselli, Matheus, 2021. "Household debt: The missing link between inequality and secular stagnation," Journal of Economic Behavior & Organization, Elsevier, vol. 183(C), pages 901-927.
    12. Andrea Vaona, 2015. "Anomalous empirical evidence on money long-run super-neutrality and the vertical long-run Phillips curve," Working Papers 17/2015, University of Verona, Department of Economics.
    13. Jerome Geyer-Klingeberg & Markus Hang & Andreas W. Rathgeber & Stefan Stöckl & Matthias Walter, 2018. "What do we really know about corporate hedging? A meta-analytical study," Business Research, Springer;German Academic Association for Business Research, vol. 11(1), pages 1-31, February.
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    17. Peter Kriesler & J W Nevile & G C Harcourt, 2013. "Exchange rates and the macroeconomy in an era of global financial crises, with special reference to Australia," The Economic and Labour Relations Review, , vol. 24(1), pages 51-63, March.
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    20. Marc Lavoie & Eckhard Hein, 2015. "Going from a low to a high employment equilibrium," IMK Working Paper 144-2015, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    21. Engelbert Stockhammer & Alexander Guschanski & Karsten Köhler, 2014. "Unemployment, capital accumulation and labour market institutions in the Great Recession," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 11(2), pages 182-194, September.
    22. Sujit Kapadia, 2005. "Optimal Monetary Policy under Hysteresis," Economics Series Working Papers 250, University of Oxford, Department of Economics.
    23. Stefan Stöckl, 2017. "Measurement matters - A meta-Study of the determinants of corporate capital structure," Post-Print hal-01772346, HAL.

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