The model of the wage bargaining constitutes a framework for calculation of the NAWRU in Poland. The approach used in the paper let me trace changes of the natural unemployment rate in Poland in the context of structural changes in the economy in the last decade. Moreover, I introduced the endogenous equilibrium rate into the existing macroeconomic model — ECMOD. It allowed me to simulate NAWRU behavior after economic shocks. Simulation results shed some light on channels and speed of adjustment of the modelled economy. Interestingly, when NAWRU is tied to the stock of capital, relative prices and fiscal variables, the model is able to replicate high degree of the unemployment persistence.
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Find related papers by JEL classification: E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General E17 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Forecasting and Simulation E24 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
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