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Monetary policy and unemployment: A disaggregated analysis

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  • Roger Williams

Abstract

This paper disaggregates unemployment into broadly defined sectors and occupations. It estimates the impact that a change in the Federal Funds rate (FFR) has on the magnitude and time path of unemployment in each of these sectors and occupations. It finds that there is a substantial differential impact. Specifically, the paper shows that an increase in the nominal Federal Funds rate affects unemployment much more severely in two sectors and in two broad occupational groupings than it does in the others. Copyright International Atlantic Economic Society 2004

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  • Roger Williams, 2004. "Monetary policy and unemployment: A disaggregated analysis," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 10(3), pages 180-190, October.
    • Handle: RePEc:kap:iaecre:v:10:y:2004:i:3:p:180-190:10.1007/bf02296213
    DOI: 10.1007/BF02296213
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    References listed on IDEAS

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    1. Ahmed, Shaghil, 1987. "Wage stickiness and the non-neutrality of money : A cross-industry analysis," Journal of Monetary Economics, Elsevier, vol. 20(1), pages 25-50, July.
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    3. Loo, Clifton Mark & Lastrapes, William D., 1998. "Identifying the Effects of Money Supply Shocks on Industry-Level Output," Journal of Macroeconomics, Elsevier, vol. 20(3), pages 431-449, July.
    4. Bernanke, Ben S & Blinder, Alan S, 1992. "The Federal Funds Rate and the Channels of Monetary Transmission," American Economic Review, American Economic Association, vol. 82(4), pages 901-921, September.
    5. Lilien, David M, 1982. "Sectoral Shifts and Cyclical Unemployment," Journal of Political Economy, University of Chicago Press, vol. 90(4), pages 777-793, August.
    6. Kandil, Magda, 1991. "Variations in the Response of Real Output to Aggregate Demand Shocks: A Cross-Industry Analysis," The Review of Economics and Statistics, MIT Press, vol. 73(3), pages 480-488, August.
    7. Kretzmer, Peter E., 1989. "The cross-industry effects of unanticipated money in an equilibrium business cycle model," Journal of Monetary Economics, Elsevier, vol. 23(2), pages 275-296, March.
    8. Abraham, Katharine G & Katz, Lawrence F, 1986. "Cyclical Unemployment: Sectoral Shifts or Aggregate Disturbances?," Journal of Political Economy, University of Chicago Press, vol. 94(3), pages 507-522, June.
    9. Eric M. Leeper, 1995. "Reducing our ignorance about monetary policy effects," Economic Review, Federal Reserve Bank of Atlanta, vol. 80(Jul), pages 1-38.
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    Cited by:

    1. Dongkoo Chang & Jami'ah Jaffar, 2014. "Monetary Policy Towards Inclusive Growth: The Case of Korea," Working Papers wp05, South East Asian Central Banks (SEACEN) Research and Training Centre.
    2. Christian Bredemeier & Roland Winkler, 2017. "The employment dynamics of different population groups over the business cycle," Applied Economics, Taylor & Francis Journals, vol. 49(26), pages 2545-2562, June.

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