Labour Market Dynamics in Greek Regions: a Bayesian Markov Chain Approach Using Proportions Data
AbstractThis paper focuses on Greek labour market dynamics at a regional base, which comprises of 16 provinces, as defined by NUTS levels 1 and 2 (Eurostat, 2008), using Markov Chains for proportions data for the first time in the literature. We apply a Bayesian approach, which employs a Monte Carlo Integration procedure that uncovers the entire empirical posterior distribution of transition probabilities from full employment to part employment, unemployment and economically unregistered unemployment and vice a versa. Our results show that there are disparities in the transition probabilities across regions, implying that the convergence of the Greek labour market at a regional base is far from being considered as completed. However, some common patterns are observed as regions in the south of the country exhibit similar transition probabilities between different states of the labour market
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Bibliographic InfoArticle provided by Rimini Centre for Economic Analysis in its journal Review of Economic Analysis.
Volume (Year): 2 (2010)
Issue (Month): 1 (January)
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Greek Regions; Employment; Unemployment; Markov Chains;
Find related papers by JEL classification:
- C53 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Forecasting and Prediction Models; Simulation Methods
- E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution
- E27 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Forecasting and Simulation: Models and Applications
- E37 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Forecasting and Simulation: Models and Applications
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