Unemployment and Productivity in the Long Run: The Role of Macroeconomic Volatility
发现生产率增长的波动性与长期失业率之间存在新的经验规律，并基于非对称实际工资刚性构建理论框架来解释这一现象，该模型比仅考虑长期生产率增长更能拟合美国长期失业数据。
This paper presents a new empirical regularity between the volatility of productivity growth and long-run unemployment for a given level of long-run productivity growth. A theoretical framework based on asymmetric real wage rigidities is shown to have the potential to rationalize this finding. The model tends to fit U.S. long-run unemployment better than a specification based on long-run productivity growth only, especially during the Great Moderation and the Great Recession.