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PANIC Analysis of Spanish Regional Unemployment

In: Spanish Regional Unemployment

Author

Listed:
  • Alejandro García-Cintado

    (Pablo de Olavide University)

  • Diego Romero-Ávila

    (Pablo de Olavide University)

  • Carlos Usabiaga

    (Pablo de Olavide University)

Abstract

This chapter investigates the time series properties of the unemployment rate of the Spanish regions over the period 1976–2011. For that purpose, we employ the PANIC procedures of Bai and Ng (2004), which allows us to decompose the observed unemployment rate series into common factor and idiosyncratic components. This enables us to identify the exact source behind the hysteretic behaviour found in Spanish regional unemployment. Overall, our analysis with three different proxies for the excess of labour supply renders strong support for the hysteresis hypothesis, which appears to be caused by a common stochastic trend driving all the regional unemployment series.

Suggested Citation

  • Alejandro García-Cintado & Diego Romero-Ávila & Carlos Usabiaga, 2014. "PANIC Analysis of Spanish Regional Unemployment," SpringerBriefs in Economics, in: Spanish Regional Unemployment, edition 127, chapter 0, pages 9-21, Springer.
    • Handle: RePEc:spr:spbchp:978-3-319-03686-1_2
    DOI: 10.1007/978-3-319-03686-1_2
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