Unemployment hysteresis in EU countries: what do we really know about it?
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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Volume (Year): 34 (2007)
Issue (Month): 2 (July)
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