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Fig. 3 | Zeitschrift für ArbeitsmarktForschung

Fig. 3

From: The German labor market response in the world recession – de-mystifying a miracleDie Reaktion des deutschen Arbeitsmarktes auf die Weltrezession – Entzauberung eines Wunders

Fig. 3

Trend (left) and cylical component (right) of real GDP and employment growth (1975 to 2009). Trend calculated by using a Hodrick–Prescott filter with smoothing parameter λ \( = \) 100. Source for original data: Deutsche Bundesbank; the year 2009 was not included in the calculation of the HP filter; the trend value for 2009 was extrapolated from the previous year; actual growth rate of GDP for 2009 based on the forecast of the federal government, actual growth rate of employment for 2009: IAB forecast (Bach et  al. 2009)

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