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Our most academic publication offers research and surveys on monetary policy, national and international developments, banking, and more. The content is written for an economically informed readership—from the undergraduate student to the PhD.


Vol. 91, No. 3 (Posted 2009-05-01)

Supply Shocks, Demand Shocks, and Labor Market Fluctuations

by Helge Braun, Reinout De Bock, and Riccardo DiCecio

The authors use structural vector autoregressions to analyze the responses of worker flows, job flows, vacancies, and hours to demand and supply shocks. They identify these shocks by restricting the short-run responses of output and the price level. On the demand side, they disentangle a monetary and nonmonetary shock by restricting the response of the interest rate.

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