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Unemployment hysteresis in EU countries: what do we really know about it?

  • Dimitris K. Christopoulos
  • Miguel A. León-Ledesma

Purpose – The paper aims to re-examine the stationarity properties of unemployment rates in 12 European Union (EU) countries over the period 1988: I-1999: IV. Design/methodology/approach – This paper applies a battery of second-generation panel unit root tests that allow for cross-sectional correlation. Findings – The study shows that, contrary to previous empirical literature, hysteresis does not characterise EU unemployment. Originality/value – This paper uses recent advances in the econometrics of panel unit root tests. The new tests have more power than the traditional ones in detecting the null hypothesis of a unit root.

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Article provided by Emerald Group Publishing in its journal Journal of Economic Studies.

Volume (Year): 34 (2007)
Issue (Month): 2 (May)
Pages: 80-89

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Handle: RePEc:eme:jespps:v:34:y:2007:i:2:p:80-89
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