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Hysteresis and the European unemployment problem revisited

Gali, Jordi, (2015), «Hysteresis and the European unemployment problem revisited», ECB Forum on Central Banking, May

The unemployment rate in the euro area appears to contain a significant non-stationary component, suggesting that some shocks have permanent effects on that variable. I explore possible sources of this non-stationarity through the lens of a New Keynesian model with unemployment, and assess their empirical relevance.

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