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|Title:||The Asymmetric Behaviour of Spanish Unemployment Persistence|
|Citation:||Economics Bulletin, 2018|
|Abstract:||One of the key features of unemployment rate is its persistence, normally described as hysteresis. This note applies fractional integration techniques to show that Spanish unemployment is highly persistent and exhibits asymmetric behaviour, specifically its degree of persistence is higher during recessions (when unemployment is going up) compared to expansions (when it is going down). Further work should investigate whether this is a stylised fact also in other countries exhibiting hysteresis.|
|Appears in Collections:||Dept of Economics and Finance Research Papers|
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