Distance to Frontier and the Big Swings of the Unemployment Rate: What Room Is Left for Monetary Policy?
This paper builds upon Hoon and Phelps (1992, 1997) to ask how much of the evolution of the unemployment rate over several decades in country can be explained by real factors in an equilibrium model of the natural rate where country's productivity growth depends upon its distance from the world...
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| Main Authors: | , |
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| Format: | text |
| Language: | English |
| Published: |
Institutional Knowledge at Singapore Management University
2007
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| Subjects: | |
| Online Access: | https://ink.library.smu.edu.sg/soe_research/1214 https://ink.library.smu.edu.sg/context/soe_research/article/2213/viewcontent/kap1347.pdf |
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| Institution: | Singapore Management University |
| Language: | English |