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1 results

  • PATTERNS OF UNEMPLOYMENT DYNAMICS IN GERMANY

  • Daniela Rahn, Enzo Weber
  • Journal:
    Macroeconomic Dynamics / Volume 23 / Issue 1 / January 2019
    Published online by Cambridge University Press:
    30 October 2017, pp. 322-357

  • Using a structural vector autoregressive (SVAR) model, this paper provides deeper insight into unemployment dynamics in Germany. We identify a technology shock and two policy shocks that play a central role in business cycle research. Accordingly, we enrich the discussion on the sources of unemployment dynamics by considering demand-side impulses. The worker reallocation process varies substantially with the identified shocks. The job-finding rate plays a larger role after a technology shock and a monetary policy shock, whereas the separation rate appears to be the dominant margin after a fiscal policy shock. Technology shocks turn out to be relatively important for variations in the transition rates. Regarding policy shocks, our results point toward fiscal interventions as a promising instrument but with several limitations.