This comment presents a model in which labor markets do not clear, to analyze the plausibility of two results by Sala et al. (2012). It concludes that a shock to the discount factor (real interest rate) is likely to be the leading cause of the Great Recession in the US. It also suggests that trade is the most likely vehicle of transmission of the Great Recession from US to Germany.
Comment on: "Structural and Cyclical Forces in the Labor Market During the Great Recession: Cross-Country Evidence"
PERRI, FABRIZIO
2012
Abstract
This comment presents a model in which labor markets do not clear, to analyze the plausibility of two results by Sala et al. (2012). It concludes that a shock to the discount factor (real interest rate) is likely to be the leading cause of the Great Recession in the US. It also suggests that trade is the most likely vehicle of transmission of the Great Recession from US to Germany.
File in questo prodotto:
Non ci sono file associati a questo prodotto.
I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
