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Le taux de chômage et d'équilibre : Discussion empirique et évaluation empirique

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Author Info

  • Odile Chagny

    (OFCE)

  • Frédéric Reynès

    (IEP-Paris)

  • Henri Sterdyniak

    (OFCE)

Abstract

English Titel :The equilibrium rate of unemployment : a theorical discussion and an empirical evaluation for six OECD countries This paper examines the notion of 'equilibrium rate of unemployment' (ERU). An 'assymetric' wage-price setting based on a a wage Philips curve and on a price equation in level leads to a clear distinction between medium and long run ERU, as to a kind of reconciliation between WS/PS and Phillips modes. This paper proposes medium and long run ERU estimates for six countries (France, Germany, United Kingdom, Netherlands, Spain and United States), incorporating institutional variables. The evolution of the medium run ERU explain relatively well those of the actual unemployement rate until the late eighies. In the nineties, the actual unemployement lies above its equilibrium level suggesting that an important part of the European unemployment is due to an excess supply

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Bibliographic Info

Paper provided by EconWPA in its series Macroeconomics with number 0411017.

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Length: 39 pages
Date of creation: 26 Nov 2004
Date of revision: 08 Dec 2004
Handle: RePEc:wpa:wuwpma:0411017

Note: Type of Document - pdf; pages: 39. Text in French. Revue de l'OFCE, n°81, avril 2002.
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Web page: http://128.118.178.162

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  1. Bean, Charles R, 1994. "European Unemployment: A Survey," Journal of Economic Literature, American Economic Association, vol. 32(2), pages 573-619, June.
  2. Loïc Cadiou & Stéphanie Guichard, 1999. "Marchés du travail en Europe : Quelles conséquences pour l'Union Monétaire," Working Papers 1999-10, CEPII research center.
  3. Olivier Blanchard & Lawrence F. Katz, 1997. "What We Know and Do Not Know about the Natural Rate of Unemployment," Journal of Economic Perspectives, American Economic Association, vol. 11(1), pages 51-72, Winter.
  4. Olivier Blanchard & Justin Wolfers, 1999. "The Role of Shocks and Institutions in the Rise of European Unemployment: The Aggregate Evidence," NBER Working Papers 7282, National Bureau of Economic Research, Inc.
  5. P Clark & D Laxton, 1997. "Phillips Curves," CEP Discussion Papers dp0344, Centre for Economic Performance, LSE.
  6. Olivier J. Blanchard & Lawrence H. Summers, 1986. "Hysteresis and the European Unemployment Problem," NBER Working Papers 1950, National Bureau of Economic Research, Inc.
  7. Belot, Michele & van Ours, Jan C., 2001. "Unemployment and Labor Market Institutions: An Empirical Analysis," Journal of the Japanese and International Economies, Elsevier, vol. 15(4), pages 403-418, December.
  8. Burda, Michael C. & Weder, Mark, 2001. "Complementarity of labor market institutions, equilibrium unemployment and the propagation of business cycles," HWWA Discussion Papers 138, Hamburg Institute of International Economics (HWWA).
  9. Lawrence F. Katz & Olivier Blanchard, 1999. "Wage Dynamics: Reconciling Theory and Evidence," American Economic Review, American Economic Association, vol. 89(2), pages 69-74, May.
  10. Broer, D.P. & Draper, D.A.G. & Huizinga, F.H., 2000. "The equilibrium rate of unemployment in the Netherlands," Open Access publications from Tilburg University urn:nbn:nl:ui:12-383721, Tilburg University.
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