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Does Unemployment Hysteresis Equal Employment Hysteresis?

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Author Info
MAGNUS GUSTAVSSON
PÄR ÖSTERHOLM

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Abstract

This paper investigates if conclusions regarding labour market hysteresis differ depending on whether employment or unemployment rates are studied. Applying a range of unit-root tests to monthly data from Australia, Austria, Canada, Finland, Sweden, the UK and the USA, we find results for employment rates that contrast those based on unemployment rates. In particular, rather than the mixed evidence for hysteresis found using unemployment rates, employment rates result in unequivocal evidence of hysteresis in Australia, Canada and the USA. These findings cast doubt on previous conclusions in the literature. Copyright © 2007 The Economic Society of Australia.

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Article provided by The Economic Society of Australia in its journal Economic Record.

Volume (Year): 83 (2007)
Issue (Month): 261 (06)
Pages: 159-173
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Handle: RePEc:bla:ecorec:v:83:y:2007:i:261:p:159-173

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  4. Gustavsson, Magnus & Osterholm, Par, 2006. "The informational value of unemployment statistics: A note on the time series properties of participation rates," Economics Letters, Elsevier, vol. 92(3), pages 428-433, September. [Downloadable!] (restricted)
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  9. Kaddour Hadri, 2000. "Testing for stationarity in heterogeneous panel data," Econometrics Journal, Royal Economic Society, vol. 3(2), pages 148-161.
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  10. Zivot, Eric & Andrews, Donald W K, 1992. "Further Evidence on the Great Crash, the Oil-Price Shock, and the Unit-Root Hypothesis," Journal of Business & Economic Statistics, American Statistical Association, vol. 10(3), pages 251-70, July.
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  11. Benati, Luca, 2001. "Some empirical evidence on the 'discouraged worker' effect," Economics Letters, Elsevier, vol. 70(3), pages 387-395, March. [Downloadable!] (restricted)
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  14. Johansen, Soren, 1988. "Statistical analysis of cointegration vectors," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 231-254. [Downloadable!] (restricted)
  15. Andrea Brandolini & Piero Cipollone & Eliana Viviano, 2006. "Does The Ilo Definition Capture All Unemployment?," Journal of the European Economic Association, MIT Press, vol. 4(1), pages 153-179, 03. [Downloadable!] (restricted)
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  16. Elisa-Rose Birch, 2005. "Studies of the Labour Supply of Australian Women: What Have We Learned?," The Economic Record, The Economic Society of Australia, vol. 81(252), pages 65-84, 03. [Downloadable!] (restricted)
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  1. Kula, Ferit & Aslan, Alper, 2008. "Hysteresis vs. natural rate of unemployment: One, the other, or both?," MPRA Paper 14054, University Library of Munich, Germany. [Downloadable!]
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