STOCK-MARKET DISPERSION AND UNEMPLOYMENT

被引：74

作者：

LOUNGANI, P ^{[1
]}

RUSH, M ^{[1
]}

TAVE, W ^{[1
]}

机构：

[1] FED RESERVE BANK CHICAGO,CHICAGO,IL

来源：

JOURNAL OF MONETARY ECONOMICS | 1990年 / 25卷 / 03期

关键词：

D O I：

10.1016/0304-3932(90)90059-D

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

The sectoral shifts hypothesis, advanced by Lilien (1982) and Davis (1987), suggests that unemployment is, in part, the result of resources being reallocated from declining to expanding sectors of the economy. Using U.S. data from 1931 to 1987, we test this hypothesis by constructing an index measuring the dispersion among stock prices from different industries. We find that lagged values of this index significantly affect unemployment. We show that the stock market dispersion index is less contaminated by aggregate demand influences than Lilien's employment dispersion index, which makes our test less vulnerable to the Abraham and Katz (1986) critique. © 1990.

引用

页码：367 / 388

页数：22

共 43 条

[1] CYCLICAL UNEMPLOYMENT - SECTORAL SHIFTS OR AGGREGATE DISTURBANCES [J].