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Survey Expectations and Stochastic Trends in Modelling the Employment-Output Equation

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  • Pehkonen, Jaakko
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    Abstract

    The study examines three alternative specifications for the employment-output equation: the standard employment-output equation; a specification that introduces forward-looking expectations by utilizing business survey data; and a specification that allows technical progress to follow a stochastic trend. The purpose of the study is, hence, to investigate whether the modifications related to the use of business survey data or stochastic trends, which are found to be of considerable importance in explaining movements in employment in recent U.K. studies, contribute also to the Finnish employment-output equation, whereas the contribution of the stochastic trend variable to the model is found to be negligible. Copyright 1992 by Blackwell Publishing Ltd

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    Bibliographic Info

    Article provided by Department of Economics, University of Oxford in its journal Oxford Bulletin of Economics & Statistics.

    Volume (Year): 54 (1992)
    Issue (Month): 4 (November)
    Pages: 579-89

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    Handle: RePEc:bla:obuest:v:54:y:1992:i:4:p:579-89

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    Cited by:
    1. Chow, Kong Wing & Wong, Kit Pong, 1999. "Comment: further sufficient conditions for an inverse relationship between productivity and employment," The Quarterly Review of Economics and Finance, Elsevier, vol. 39(4), pages 565-571.
    2. Aki Kangasharju & Jaakko Pehkonen, 2001. "Employment-output link in Finland : evidence from regional data," Finnish Economic Papers, Finnish Economic Association, vol. 14(1), pages 41-50, Spring.
    3. Kangasharju, Aki & Pehkonen, Jaakko, 1999. "Employment-output link in Finland: evidence from regional-level data," ERSA conference papers ersa99pa304, European Regional Science Association.
    4. Gonzalez, Pilar & Moral, Paz, 1995. "An analysis of the international tourism demand in Spain," International Journal of Forecasting, Elsevier, vol. 11(2), pages 233-251, June.

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