Replication data for: Why Does Trend Growth Affect Equilibrium Employment? A New Explanation of an Old Puzzle

Michael W. L. Elsby & Matthew D. Shapiro
That the employment rate appears to respond to changes in trend growth is an enduring macroeconomic puzzle. This paper shows that, in the presence of a return to experience, a slowdown in productivity growth raises reservation wages, thereby lowering aggregate employment. The paper develops new evidence that shows this mechanism is important for explaining the growth-employment puzzle. The combined effects of changes in aggregate wage growth and returns to experience account for all the increase...
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