Equilibrium Rates and Wage Flexibility in Europe
This paper presents estimates of short-term and long-term equilibrium rates of unemployment. Estimates of equilibrium rates of unemployment in the literature often produce results that closely follow actual unemployment rates. This paper, in contrast, shows that in the past twenty years equilibrium rates may well have been substantially lower than actual unemployment rates in many European countries. This result indicates a considerable period of rather low wage flexibility and strong persistence.
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