A New Approach to the Analysis of Shocks and the Cycle in a Model of Output and Employment
There is a wide literature on the dynamic adjustment of employment and its relationship with the business cycle. Our aim is to propose a statistical model that offers a congruent representation of post-war US employment and output data. We use a cointegrated vector autoregressive Markov-switching model where some parameters are changing according to phase of the business and employment cycle.
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|Date of creation:||1999|
|Date of revision:|
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