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

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  • Pehkonen, Jaakko

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

Suggested Citation

  • Pehkonen, Jaakko, 1992. "Survey Expectations and Stochastic Trends in Modelling the Employment-Output Equation," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 54(4), pages 579-589, November.
    • Handle: RePEc:bla:obuest:v:54:y:1992:i:4:p:579-89
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    Cited by:

    1. Alotaibi Mohamed Meteb, 2017. "Unemployment and Economic Growth in Saudi Arabia 2000-2015," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 9(9), pages 83-93, September.
    2. 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.
    3. Oscar Claveria & Enric Monte & Salvador Torra, 2018. "A Data-Driven Approach to Construct Survey-Based Indicators by Means of Evolutionary Algorithms," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 135(1), pages 1-14, January.
    4. Jaakko Pehkonen, 1994. "Testing weak exogeneity by multivariate cointegration techniques : the demand for labour in Finnish manufacturing," Finnish Economic Papers, Finnish Economic Association, vol. 7(2), pages 108-119, Autumn.
    5. Kangasharju, Aki & Pehkonen, Jaakko, 1999. "Employment-output link in Finland: evidence from regional-level data," ERSA conference papers ersa99pa304, European Regional Science Association.
    6. 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.
    7. OUERFELLI, Chokri, 1998. "La demande touristique européenne en Tunisie," LATEC - Document de travail - Economie (1991-2003) 1998-14, LATEC, Laboratoire d'Analyse et des Techniques EConomiques, CNRS UMR 5118, Université de Bourgogne.
    8. 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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