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Estimating Labour Market Performance in Twenty-Three OECD Countries, 1980-2009

  • Domicián Máté

    ()

    (University of Debrecen, Hungary)

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    The purpose of this study is to estimate the relationship between various macroeconomic variables such as output and labour for the 1980-2009 period. In order to indicate the main components of economic growth, I firstly use an alternative growth accounting method, where physical capital accumulation, technological changes and several (un)employment rates are also taken into account. Thus, analysing time series panel data of the USA, the EU-15 and some OECD countries with the rolling regression method, this paper concludes that the link between labour and output has obviously and temporarily changed after the mid-1990s. Hence, results suggested that an increase in output gaps caused a lesser changes in (un)employment rates, which could determine the increasing role of other economic factors i.e. technology, the labour market and political institutions etc.

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    Article provided by Department of International Business and Economics from the Academy of Economic Studies Bucharest in its journal Romanian Economic Journal.

    Volume (Year): 13 (2010)
    Issue (Month): 38 (December)
    Pages: 213-232

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    Handle: RePEc:rej:journl:v:13:y:2010:i:38:p:213-232
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    1. James H. Stock & Mark W. Watson, 2002. "Has the Business Cycle Changed and Why?," NBER Working Papers 9127, National Bureau of Economic Research, Inc.
    2. Yu Hsing, 1991. "Unemployment and the GNP Gap: Okun's Law Revisited," Eastern Economic Journal, Eastern Economic Association, vol. 17(4), pages 409-416, Oct-Dec.
    3. Moosa, Imad A., 1997. "A Cross-Country Comparison of Okun's Coefficient," Journal of Comparative Economics, Elsevier, vol. 24(3), pages 335-356, June.
    4. JONATHAN McCARTHY & EGON ZAKRAJSEK, 2007. "Inventory Dynamics and Business Cycles: What Has Changed?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 39(2-3), pages 591-613, 03.
    5. Canova, Fabio, 1993. "Detrending and Business Cycle Facts," CEPR Discussion Papers 782, C.E.P.R. Discussion Papers.
    6. Canova, Fabio, 1998. "Detrending and business cycle facts: A user's guide," Journal of Monetary Economics, Elsevier, vol. 41(3), pages 533-540, May.
    7. Kaufman, Roger T., 1988. "An international comparison of Okun's laws," Journal of Comparative Economics, Elsevier, vol. 12(2), pages 182-203, June.
    8. Peter M. Summers, 2005. "What caused the Great Moderation? : some cross-country evidence," Economic Review, Federal Reserve Bank of Kansas City, issue Q III, pages 5-32.
    9. Edward S. Knotek & II, 2007. "How useful is Okun's law?," Economic Review, Federal Reserve Bank of Kansas City, issue Q IV, pages 73-103.
    10. Lee, Jim, 2000. "The Robustness of Okun's Law: Evidence from OECD Countries," Journal of Macroeconomics, Elsevier, vol. 22(2), pages 331-356, April.
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