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Modeling a Jobless Recovery

Author

Listed:
  • 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.

Suggested Citation

  • Glenn MacDonald & David Andolfatto, 2004. "Modeling a Jobless Recovery," 2004 Meeting Papers 298, Society for Economic Dynamics.
  • Handle: RePEc:red:sed004:298
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    More about this item

    Keywords

    Technology Diffusion; Sectoral Reallocation;

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy

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