Carruth, Alan, Hooker, Mark A., Oswald, Andrew J. (1998) Unemployment equilibria and input prices: Theory and evidence from the United States. Review of Economics and Statistics, 80 (4). pp. 621-8. ISSN 0034-6535. (doi:10.1162/003465398557708) (The full text of this publication is not currently available from this repository. You may be able to access a copy if URLs are provided) (KAR id:17627)
| The full text of this publication is not currently available from this repository. You may be able to access a copy if URLs are provided. | |
| Official URL: http://dx.doi.org/10.1162/003465398557708 |
Abstract
The paper develops an efficiency-wage model in which input prices affect the equilibrium rate of unemployment. We show that a simple framework based on only two prices (the real price of oil and the real rate of interest) is able to explain the main postwar movements in the rate of U.S. joblessness. The equations do well in forecasting unemployment many years out of sample, and provide evidence that the oil-price spike associated with Iraq's invasion of Kuwait appears to be a component of the "mystery'' recession that followed.
| Item Type: | Article |
|---|---|
| DOI/Identification number: | 10.1162/003465398557708 |
| Subjects: |
H Social Sciences > H Social Sciences (General) H Social Sciences > HB Economic Theory Q Science > QA Mathematics (inc Computing science) |
| Divisions: | Divisions > Division of Human and Social Sciences > School of Economics |
| Depositing User: | I. Ghose |
| Date Deposited: | 05 Apr 2009 08:15 UTC |
| Last Modified: | 05 Nov 2024 09:53 UTC |
| Resource URI: | https://kar.kent.ac.uk/id/eprint/17627 (The current URI for this page, for reference purposes) |
- Export to:
- RefWorks
- EPrints3 XML
- BibTeX
- CSV
- Depositors only (login required):
Altmetric
Altmetric
