Monetary policy and unemployment: A disaggregated analysis

This paper disaggregates unemployment into broadly defined sectors and occupations. It estimates the impact that a change in the Federal Funds rate (FFR) has on the magnitude and time path of unemployment in each of these sectors and occupations. It finds that there is a substantial differential impact. Specifically, the paper shows that an increase in the nominal Federal Funds rate affects unemployment much more severely in two sectors and in two broad occupational groupings than it does in the others.