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Stochastic shifts in the natural rate of unemployment: evidence from Greece

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  • Margarita Katsimi

Abstract

The paper aims at estimating the natural rate of unemployment in Greece. The methodology adopted follows that of Hamilton. It is assumed that the rate of unemployment follows a stochastic process with periodic shifts in the mean and variance. The natural rate is then estimated using a Markov switching process. Empirical evidence is found that the Greek economy switches over time between two regimes: a regime in which the natural rate and the variance of the rate of unemployment are low (the 1970s); and a regime in which both the natural rate and the variance of the rate of unemployment are high (the 1960s, 1980s and 1990s).

Suggested Citation

  • Margarita Katsimi, 2000. "Stochastic shifts in the natural rate of unemployment: evidence from Greece," Applied Economics Letters, Taylor & Francis Journals, vol. 7(4), pages 239-242.
  • Handle: RePEc:taf:apeclt:v:7:y:2000:i:4:p:239-242
    DOI: 10.1080/135048500351582
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    References listed on IDEAS

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    1. Dimitri G Demekas & Zenon Kontolemis, 1996. "Unemployment in Greece; A Survey of the Issues," IMF Working Papers 96/91, International Monetary Fund.
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    Cited by:

    1. Bakas, Dimitrios & Papapetrou, Evangelia, 2014. "Unemployment in Greece: Evidence from Greek regions using panel unit root tests," The Quarterly Review of Economics and Finance, Elsevier, vol. 54(4), pages 551-562.
    2. Evangelia Papapetrou & Dimitrios Bakas, 2012. "Unemployment in Greece: evidence from Greek regions," Working Papers 146, Bank of Greece.

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