A New Framework to Estimate the Risk-Neutral Probability Density Functions Embedded in Options Prices (Electronic book text)


This paper analyzes the sources of output and unemployment dynamics in the world economy during the Great Recession. This analysis is based on a panel unobserved components model of the world economy, disaggregated into its fifteen largest national economies. We find that excess supply pressure was primarily transmitted from the output market to the labor market by economy specific combinations of negative domestic or foreign output demand shocks, mitigated to varying degrees by countercyclical labor market policies or institutions.

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Product Description

This paper analyzes the sources of output and unemployment dynamics in the world economy during the Great Recession. This analysis is based on a panel unobserved components model of the world economy, disaggregated into its fifteen largest national economies. We find that excess supply pressure was primarily transmitted from the output market to the labor market by economy specific combinations of negative domestic or foreign output demand shocks, mitigated to varying degrees by countercyclical labor market policies or institutions.

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Product Details

General

Imprint

International Monetary Fund (IMF)

Country of origin

United States

Release date

August 2010

Availability

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Authors

Format

Electronic book text - Windows

Pages

31

ISBN-13

978-1-4552-0215-7

Barcode

9781455202157

Categories

LSN

1-4552-0215-0



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