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The effects of shocks on the Austrian unemployment rate – a structural VAR approach

Author

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  • Susanne Maidorn

Abstract

Assuming full hysteresis in the Austrian labour market, a simple macroeconomic framework is used to model the effect of four structural shocks, i.e. shocks to productivity, demand, wages and labour supply. By using SVAR analysis, we derive impulse-response functions that show the effects of these shocks on unemployment. What constitutes a distinctive feature of our study is the deliberate use of overidentifying restrictions, allowing for a likelihood ratio test. The objection to SVAR methodology, that it relies on arbitrary assumptions, can thus be overcome, as invalid sets of identifying restrictions are rejected. Copyright Springer-Verlag Berlin Heidelberg 2003

Suggested Citation

  • Susanne Maidorn, 2003. "The effects of shocks on the Austrian unemployment rate – a structural VAR approach," Empirical Economics, Springer, vol. 28(2), pages 387-402, April.
  • Handle: RePEc:spr:empeco:v:28:y:2003:i:2:p:387-402
    DOI: 10.1007/s001810200137
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    File URL: http://hdl.handle.net/10.1007/s001810200137
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    Citations

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    Cited by:

    1. Holmlund, Bertil & Alexius, Annika, 2008. "Monetary Policy and Swedish Unemployment Fluctuations," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy (IfW), vol. 2, pages 1-25.
    2. repec:ksp:journ3:v:1:y:2015:i:4:p:256-274 is not listed on IDEAS
    3. Tafirenyika Sunde & Olusegun A. Akanbi, 2016. "Sources of unemployment in Namibia: an application of the structural VAR approach," International Journal of Sustainable Economy, Inderscience Enterprises Ltd, vol. 8(2), pages 125-143.
    4. Tafirenyika SUNDE, 2015. "The effects of monetary policy on unemployment in Namibia," Journal of Economic and Social Thought, KSP Journals, vol. 2(4), pages 256-274, December.

    More about this item

    Keywords

    Key words: Unemployment; Hysteresis; Structural VAR; JEL classification: J40; E24;

    JEL classification:

    • J40 - Labor and Demographic Economics - - Particular Labor Markets - - - General
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity

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