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Le taux de chômage d'équilibre, anciennes et nouvelles approches

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  • Henri Sterdyniak
  • Hervé Le
  • Philippine Cour
  • Henri Delessy

Abstract

[eng] In each country, there exists an equilibrium rate of unemployment, determined by wage bargaining features and labour market functioning, below which the rate of inflation accelerates. Two alternative approaches have been developed to define and to evaluate this equilibrium rate. According to the Phillips curve, which is based on empirical and macroeconomic works, the Non Accelerating Inflation Rate of Unemployment only depends on the trend of labour productivity. The NAIRU is relatively steady ; economie policy cannot make it decrease. The lower trend of labour productivity explains a significant part of the increase in European equilibrium rates of unemployment ; however, the latter are currently undoubtedly below effective rates of unemployment. According to the « new unemployment theories », which are based on theoretical and microeconomic works, the equilibrium rate of unemployment is determined by the intersection of Wage-Setting and Price-Setting curves, and is influenced by ail the variables which play a part in wages and priees formation (social contributions rates, real interest rates, minimum wage, trade unions power, unemployment benefits, terms of trade, etc.). The equilibrium rate of unemployment is then influenced by economie policy and may fluctuate. The effective unemployment rate is always close to the equilibrium one. However, the existence and the features of the real wage target that are postulated by this approach, set many theoretical and empirical problems. Considering both the results of previous empirical works and those of our own estimations, the robustness of the « new approach » is not set up. The traditional approach of the Phillips curve is still relevant. [fre] Dans chaque pays, en raison des caractéristiques des négociations salariales et du fonctionnement du marché du travail, il existe un niveau de chômage d'équilibre, en deçà duquel apparaissent des hausses de salaires excessives, donc une hausse de l'inflation. D

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Bibliographic Info

Article provided by Presses de Sciences-Po in its journal Revue de l'OFCE.

Volume (Year): n° 60 (1997)
Issue (Month): 1 ()
Pages: 147-186

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Handle: RePEc:cai:reofsp:reof_p1997_60n1_0147

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Web page: http://www.cairn.info/revue-de-l-ofce.htm

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References

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  1. Setterfield, M.A. & Gordon, D.V. & Osberg, L., 1990. "Searching For A Will O'The Wisp: An Empirical Study Of The Nairu In Canada," Department of Economics at Dalhousie University working papers archive 90-04, Dalhousie, Department of Economics.
  2. Manning, Alan, 1993. "Wage Bargaining and the Phillips Curve: The Identification and Specification of Aggregate Wage Equations," Economic Journal, Royal Economic Society, vol. 103(416), pages 98-118, January.
  3. Shapiro, Carl & Stiglitz, Joseph E, 1984. "Equilibrium Unemployment as a Worker Discipline Device," American Economic Review, American Economic Association, vol. 74(3), pages 433-44, June.
  4. Jørgen Elmeskov, 1993. "High and Persistent Unemployment: Assessment of the Problem and Its Causes," OECD Economics Department Working Papers 132, OECD Publishing.
  5. Henri Sterdyniak & Michèle Debonneuil, 1984. "La boucle prix-salaires dans l'inflation," Revue Économique, Programme National Persée, vol. 35(2), pages 267-312.
  6. repec:fth:eeccco:118 is not listed on IDEAS
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Cited by:
  1. Eric Heyer & Frederic Reynes & Henri Sterdyniak, 2004. "Variables observables et inobservables dans la theorie du taux de chomage d’equilibre, une comparaison France/Etats-Unis," Documents de Travail de l'OFCE 2004-03, Observatoire Francais des Conjonctures Economiques (OFCE).
  2. Éric Heyer & Xavier Timbeau, 2002. "Le chômage structurel à 5 % en France ?," Revue de l'OFCE, Presses de Sciences-Po, vol. 80(1), pages 115-151.
  3. Eric Heyer & Frederic Reynes & Henri Sterdyniak, 2004. "Observable and unobservable variables in the theory of the equilibrium rate of unemployment, a comparison between France and the United States," Documents de Travail de l'OFCE 2004-06, Observatoire Francais des Conjonctures Economiques (OFCE).
  4. Heyer, Eric & Reynes, Frederic & Sterdyniak, Henri, 2007. "Structural and reduced approaches of the equilibrium rate of unemployment, a comparison between France and the United States," Economic Modelling, Elsevier, vol. 24(1), pages 42-65, January.
  5. Odile Chagny & Frédéric Reynès & Henri Sterdyniak, 2002. "The equilibrium rate of unemployment : a theoretical discussion and an empirical evaluation for six OECD countries," Documents de Travail de l'OFCE 2002-04, Observatoire Francais des Conjonctures Economiques (OFCE).

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