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dc.contributor.authorFurlanetto, Francesco
dc.contributor.authorRobstad, Ørjan
dc.contributor.authorUlvedal, Pål
dc.contributor.authorLepetit, Antoine
dc.date.accessioned2020-11-30T09:02:57Z
dc.date.available2020-11-30T09:02:57Z
dc.date.issued2020
dc.identifier.isbn978-82-8379-167-9
dc.identifier.issn1502-8190
dc.identifier.urihttps://hdl.handle.net/11250/2690092
dc.description.abstractIn this paper we extend the standard Blanchard-Quah decomposition to enable fluctuations in aggregate demand to have a long-run impact on the productive capacity of the economy through hysteresis effects. These demand shocks are found to be quantitatively important in the US, in particular if the Great Recession is included in the sample. Demand-driven recessions lead to a permanent decline in employment while output per worker is largely unaffected. The negative impact of a permanent decline in investment (including R&D investment) on productivity is compensated by the fact that the least productive workers are disproportionately hit by the shock and exit the labor force.en_US
dc.language.isoengen_US
dc.publisherNorges Banken_US
dc.relation.ispartofseriesWorking Paper;13/2020
dc.rightsAttribution-NonCommercial-NoDerivatives 4.0 Internasjonal*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0/deed.no*
dc.subjecthysteresisen_US
dc.subjectstructural vector autoregressionsen_US
dc.subjectsign restrictionsen_US
dc.subjectlongrun restrictionsen_US
dc.subjectproductivityen_US
dc.subjectJEL: C32en_US
dc.subjectJEL: E24en_US
dc.subjectJEL: E32en_US
dc.titleEstimating hysteresis effectsen_US
dc.typeWorking paperen_US
dc.description.versionpublishedVersionen_US
dc.subject.nsiVDP::Samfunnsvitenskap: 200::Økonomi: 210::Samfunnsøkonomi: 212en_US
dc.source.pagenumber35en_US


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Attribution-NonCommercial-NoDerivatives 4.0 Internasjonal
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