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동의어 포함
Title page 1
Contents 1
Abstract 2
1. Introduction 3
2. Model Description and Calibration 5
2.1. Baseline Framework 6
2.2. Modifications to the Baseline Framework 7
2.3. Data, Sample Period, and ELB Episodes 9
3. Model Validation 10
3.1. Unconditional Business Cycle Properties 10
3.2. Cross-Correlations and Dynamic Co-Movement 11
3.3. External Validation: Resource Utilization Gaps 13
4. Constructing the SLMI: The Challenge of Multidimensional Labor Market Assessment 14
4.1. Individual Variable Signals 15
4.2. Aggregation into SLMI 16
4.3. Historical Evolution of the SLMI: Shock and Data Decompositions 17
5. Comparing the SLMI to Alternative Measures: Is the Unemployment Rate a Sufficient Statistic? 19
6. Uncertainty and the One-Sided Filter 21
6.1. Credible Intervals 21
6.2. One-Sided Filter 23
7. Conclusion 23
References 24
Supplemental Appendix 27
A. Model Details and Equations 27
B. All Labor Market Gaps 40
C. Okun's Law 41
D. Double decomposition 42
Figure 1. Cross-Correlations with Output: Data vs. Model 12
Figure 2. Model-Implied Gaps vs. External Estimates 13
Figure 3. Model-Based Labor Market Gaps and SLMI 15
Figure 4. Historical Decomposition SLMI 17
Figure 5. The Role of Non-Labor Market Data 19
Figure 6. SLMI and Alternative Labor Market Gaps 20
Figure 7. SLMI 68% Credible Intervals 22
Figure 8. SLMI: Two-Sided vs. One-Sided Filters 23
Figure A.1. Time-Varying Taylor Rule Parameters 38
Figure A.2. Expected ELB duration 39
Figure A.3. Model-Based Flexible-Price Gaps 40
Figure A.4. Unemployment Rate Gap vs Output Gap 41
Figure A.5. Double decomposition SLMI 42
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