Abstract Conventional macroeconomic theory is based on the idea that demand shocks can only have temporary effects on unemployment, however several European economies display highly persistent unemployment dynamics. The theory of hysteresis points out that, under certain conditions, demand disturbances can have permanent effects. We find strong evidence of unemployment hysteresis in advanced economies since the 1990s. Relying on an identification scheme instigated by an insider/outsider model, we exploit the heterogeneity in impulse responses to demand shocks to investigate what labor institutions soften or amplify these responses. Our results indicate that strengthening labor institutions that promote a faster adjustment of real wages, removing disincentives for firms to hire and for workers to be employed, and improving the matching between labor supply and demand can lessen the effects of adverse demand shocks and lead to a faster reversion of unemployment rates to pre-shock levels.

中文翻译：

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发达经济体的类固醇失业了吗？

摘要传统的宏观经济理论基于这样的思想，即需求冲击只能对失业产生暂时影响，然而，一些欧洲经济体表现出高度持久的失业动态。磁滞理论指出，在某些条件下，需求扰动可能会产生永久性影响。自1990年代以来，我们发现发达经济体失业滞后的有力证据。依靠内部人/外部人模型激发的识别方案，我们利用对需求冲击的冲动响应中的异质性来调查哪些劳动机构软化或放大了这些响应。我们的结果表明，加强劳动机构可以促进对实际工资的更快调整，消除了对公司雇用和雇用工人的不利因素，