Swedish paper examines effects of business cycles on employment

Photo by David Lundberg
Sveriges Riksbank

Volatile business cycles negatively affect the welfare of the general public through reducing the average number of new jobs and employment, a working paper published by Sweden’s central bank has concluded.

“A negative correlation between unemployment and vacancies … implies that business cycles reduce the average number of new jobs and employment,” Karl Walentin and Andreas Westermark say in their paper, Learning on the job and the cost of business cycles.

Using a labour market search model

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