Has the U.S. wage phillips curve flattened? A semi-structural exploration

The deep and prolonged recession triggered by the global financial crisis of 2007–2009 led to a large increase in the unemployment rate in most advanced economies. Ten years later, at the time of writing this paper, the recession has long ended, and the subsequent recoveries have brought the une...

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Autores principales:	Galí, Jordi, Gambetti, Luca
Formato:	Artículo
Lenguaje:	English
Publicado:	Banco Central de Chile 2020
Materias:	CRISIS FINANCIERA DESEMPLEO
Acceso en línea:	https://hdl.handle.net/20.500.12580/4882
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spelling	oai-20.500.12580-48822021-04-24T17:38:33Z Has the U.S. wage phillips curve flattened? A semi-structural exploration Galí, Jordi Gambetti, Luca CRISIS FINANCIERA DESEMPLEO The deep and prolonged recession triggered by the global financial crisis of 2007–2009 led to a large increase in the unemployment rate in most advanced economies. Ten years later, at the time of writing this paper, the recession has long ended, and the subsequent recoveries have brought the unemployment rate to levels close to, and in some cases even below, those at the peak of the previous expansion. In the U.S., the unemployment rate increased from 4.4 percent in May 2007 to 10 percent in November 2009. Since that peak was attained, the unemployment rate has decreased, albeit at a slower pace than in earlier recoveries, down to its current level below 4 percent. Both movements represent, respectively, the largest increase and the largest decrease in the unemployment rate experienced by the U.S. economy during the postwar period. The deep and prolonged recession triggered by the global financial crisis of 2007–2009 led to a large increase in the unemployment rate in most advanced economies. Ten years later, at the time of writing this paper, the recession has long ended, and the subsequent recoveries have brought the unemployment rate to levels close to, and in some cases even below, those at the peak of the previous expansion. In the U.S., the unemployment rate increased from 4.4 percent in May 2007 to 10 percent in November 2009. Since that peak was attained, the unemployment rate has decreased, albeit at a slower pace than in earlier recoveries, down to its current level below 4 percent. Both movements represent, respectively, the largest increase and the largest decrease in the unemployment rate experienced by the U.S. economy during the postwar period. 2020-09-30T15:20:54Z 2020-09-30T15:20:54Z 2020 Artículo 978-956-7421-67-1 978-956-7421-68-8 (pdf) https://hdl.handle.net/20.500.12580/4882 en Series on Central Banking Analysis and Economic Policies no. 27 Serie Banca Central, análisis y políticas económicas, no. 27 Attribution-NonCommercial-NoDerivs 3.0 Chile http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ .pdf Sección o Parte de un Documento p. 149-172 application/pdf Banco Central de Chile
institution	Banco Central
collection	Banco Central
language	English
topic	CRISIS FINANCIERA DESEMPLEO
spellingShingle	CRISIS FINANCIERA DESEMPLEO Galí, Jordi Gambetti, Luca Has the U.S. wage phillips curve flattened? A semi-structural exploration
description	The deep and prolonged recession triggered by the global financial crisis of 2007–2009 led to a large increase in the unemployment rate in most advanced economies. Ten years later, at the time of writing this paper, the recession has long ended, and the subsequent recoveries have brought the unemployment rate to levels close to, and in some cases even below, those at the peak of the previous expansion. In the U.S., the unemployment rate increased from 4.4 percent in May 2007 to 10 percent in November 2009. Since that peak was attained, the unemployment rate has decreased, albeit at a slower pace than in earlier recoveries, down to its current level below 4 percent. Both movements represent, respectively, the largest increase and the largest decrease in the unemployment rate experienced by the U.S. economy during the postwar period.
format	Artículo
author	Galí, Jordi Gambetti, Luca
author_facet	Galí, Jordi Gambetti, Luca
author_sort	Galí, Jordi
title	Has the U.S. wage phillips curve flattened? A semi-structural exploration
title_short	Has the U.S. wage phillips curve flattened? A semi-structural exploration
title_full	Has the U.S. wage phillips curve flattened? A semi-structural exploration
title_fullStr	Has the U.S. wage phillips curve flattened? A semi-structural exploration
title_full_unstemmed	Has the U.S. wage phillips curve flattened? A semi-structural exploration
title_sort	has the u.s. wage phillips curve flattened? a semi-structural exploration
publisher	Banco Central de Chile
publishDate	2020
url	https://hdl.handle.net/20.500.12580/4882
work_keys_str_mv	AT galijordi hastheuswagephillipscurveflattenedasemistructuralexploration AT gambettiluca hastheuswagephillipscurveflattenedasemistructuralexploration
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Has the U.S. wage phillips curve flattened? A semi-structural exploration

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