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The Estimation of the NAIRU and the Effect of Permanent Sectoral Employment Reallocation. The Italian Evidence

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Author Info

  • Vincenzo Di Maro

    (University di Napoli Parthenope)

Abstract

This paper analyses the NAIRU making use of a cointegrated VAR and of Italian labour market data. We show that a cointegrated VAR represents a statistically adequate (using Aris Spanos's terminology) approach to the estimation of the NAIRU. This is an effective way to overcome several problems affecting standard structural approach. In particular the paper investigates whether permanent employment shift across Italian industrial sector [measured by the Neumann and Topel (1991)'s employment-based dispersion index] has an effect on unemployment. Among the findings of this paper we emphasize that sectoral employment shifts affect unemployment both in the long- and in the short-term. Moreover, we find that the effect of sectoral reallocation on the unemployment rate occurs only after some delay.

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File URL: http://128.118.178.162/eps/em/papers/0207/0207001.pdf
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Bibliographic Info

Paper provided by EconWPA in its series Econometrics with number 0207001.

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Length: 40 pages
Date of creation: 15 Jul 2002
Date of revision:
Handle: RePEc:wpa:wuwpem:0207001

Note: Type of Document - Acrobat PDF; pages: 40; figures: included. 27 pages of body text, PDF, figures included within the text
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Web page: http://128.118.178.162

Related research

Keywords: Macroeconometrics; Employment Shifts; Italian Economy; NAIRU; VECM;

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