Paper looks at impact of financial shocks on US labour markets
Negative shocks have far bigger effects than positive ones, researchers find
A working paper published by the Bank of Italy finds negative financial shocks have far larger effects on US labour markets than positive ones.
In Labor market and financial shocks: a time varying analysis, Francesco Corsello and Valerio Nispi Landi look at the US economy using a time-varying structural vector autoregressive (VAR) model.
The model is used to analyse eight data series from 1973 to 2016, seven of which capture information on US labour markets. The eighth series is the “national
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