Le taux de chômage et d'équilibre : Discussion empirique et évaluation empirique
AbstractEnglish 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 InfoPaper provided by EconWPA in its series Macroeconomics with number 0411017.
Length: 39 pages
Date of creation: 26 Nov 2004
Date of revision: 08 Dec 2004
Note: Type of Document - pdf; pages: 39. Text in French. Revue de l'OFCE, n°81, avril 2002.
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Find related papers by JEL classification:
- C13 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Estimation: General
- C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
- E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution
- E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
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