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Analysis of the Negative and Positive Impact of Institutional Factors on Unemployment in Visegrad Countries

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  • Klára ?ermáková

    (University of Economics in Prague)

  • Emilie Ja?ová

    (University of Economics in Prague)

Abstract

The objective of our analysis is to associate V4 Member States indicators with the selected institutional factors of the labour market. In addition, it aims at extending the Sekhon?s standard model for inflation with institutional factors. For the purposes of estimating the NAIRU in V4 countries, we intend to use the Kalman filter method with a higher than common smoothing coefficient. The model?s data will produce a specific period in which the institutional factors actually have a negative effect or positive effect onto the unemployment rate in individual countries. Finally, the analysis of the character and intensity of the impact of institutional factors onto the unemployment rate in individual V4 countries should indicate space for a wider application of institutional characters by economic policymakers. They should be warned about the threat of overusing the institutional factors having a negative effect onto the development of both structural and cyclical unemployment.

Suggested Citation

  • Klára ?ermáková & Emilie Ja?ová, 2019. "Analysis of the Negative and Positive Impact of Institutional Factors on Unemployment in Visegrad Countries," International Journal of Economic Sciences, International Institute of Social and Economic Sciences, vol. 8(1), pages 20-34, June.
    • Handle: RePEc:sek:jijoes:v:8:y:2019:i:1:p:20-34
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    References listed on IDEAS

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    1. A. W. Phillips, 1958. "The Relation Between Unemployment and the Rate of Change of Money Wage Rates in the United Kingdom, 1861–1957," Economica, London School of Economics and Political Science, vol. 25(100), pages 283-299, November.
    2. James Tobin & Sergio Parrinello & Paolo Sylos Labini, 1999. "Supply Constraints on Employment and Output: NAIRU Versus Natural Rate," Palgrave Macmillan Books, in: Giancarlo Gandolfo & Ferruccio Marzano (ed.), Economic Theory and Social Justice, chapter 1, pages 35-62, Palgrave Macmillan.
    3. Franco Modigliani & Lucas Papademos, 1975. "Targets for Monetary Policy in the Coming Year," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 6(1), pages 141-166.
    4. Heekyung SON, 2016. "Trust, Economic Growth and Importance of the Institution," International Journal of Economic Sciences, International Institute of Social and Economic Sciences, vol. 5(4), pages 32-50, December.
    5. Pete Richardson & Laurence Boone & Claude Giorno & Mara Meacci & David Rae & David Turner, 2000. "The Concept, Policy Use and Measurement of Structural Unemployment: Estimating a Time Varying NAIRU Across 21 OECD Countries," OECD Economics Department Working Papers 250, OECD Publishing.
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    Cited by:

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    More about this item

    Keywords

    Institutional factors; NAIRU; minimum wage; collective agreements; tax wedge; define-term employment;
    All these keywords.

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E37 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Forecasting and Simulation: Models and Applications

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