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Le taux de chômage et d'équilibre : Discussion empirique et évaluation empirique

  • Odile Chagny


  • Frédéric Reynès


  • Henri Sterdyniak


English Titel :The equilibrium rate of unemployment : a theorical discussion and an empirical evaluation for six OECD countries This paper examines the notion of 'equilibrium rate of unemployment' (ERU). An 'assymetric' wage-price setting based on a a wage Philips curve and on a price equation in level leads to a clear distinction between medium and long run ERU, as to a kind of reconciliation between WS/PS and Phillips modes. This paper proposes medium and long run ERU estimates for six countries (France, Germany, United Kingdom, Netherlands, Spain and United States), incorporating institutional variables. The evolution of the medium run ERU explain relatively well those of the actual unemployement rate until the late eighies. In the nineties, the actual unemployement lies above its equilibrium level suggesting that an important part of the European unemployment is due to an excess supply

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Paper provided by EconWPA in its series Macroeconomics with number 0411017.

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Length: 39 pages
Date of creation: 26 Nov 2004
Date of revision: 08 Dec 2004
Handle: RePEc:wpa:wuwpma:0411017
Note: Type of Document - pdf; pages: 39. Text in French. Revue de l'OFCE, n°81, avril 2002.
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  1. Olivier Blanchard & Lawrence F. Katz, 1997. "What We Know and Do Not Know about the Natural Rate of Unemployment," Journal of Economic Perspectives, American Economic Association, vol. 11(1), pages 51-72, Winter.
  2. Bean, Charles R, 1994. "European Unemployment: A Survey," Journal of Economic Literature, American Economic Association, vol. 32(2), pages 573-619, June.
  3. Belot, Michele & van Ours, Jan C., 2001. "Unemployment and Labor Market Institutions: An Empirical Analysis," Journal of the Japanese and International Economies, Elsevier, vol. 15(4), pages 403-418, December.
  4. Blanchard, Olivier & Wolfers, Justin, 2000. "The Role of Shocks and Institutions in the Rise of European Unemployment: The Aggregate Evidence," Economic Journal, Royal Economic Society, vol. 110(462), pages C1-33, March.
  5. P Clark & D Laxton, 1997. "Phillips Curves," CEP Discussion Papers dp0344, Centre for Economic Performance, LSE.
  6. Olivier J. Blanchard & Lawrence H. Summers, 1986. "Hysteresis and the European Unemployment Problem," Working papers 427, Massachusetts Institute of Technology (MIT), Department of Economics.
  7. Burda, Michael C. & Weder, Mark, 2001. "Complementarity of labor market institutions, equilibrium unemployment and the propagation of business cycles," SFB 373 Discussion Papers 2001,49, Humboldt University of Berlin, Interdisciplinary Research Project 373: Quantification and Simulation of Economic Processes.
  8. Belot, M.V.K. & van Ours, J.C., 2001. "Unemployment and labor market institutions : An empirical analysis," Other publications TiSEM 29a3de46-e7bc-4b3d-abe5-b, Tilburg University, School of Economics and Management.
  9. Olivier Jean Blanchard & Lawrence Katz, 1999. "Wage Dynamics: Reconciling Theory and Evidence," NBER Working Papers 6924, National Bureau of Economic Research, Inc.
  10. Loïc Cadiou & Stéphanie Guichard, 1999. "Marchés du travail en Europe : Quelles conséquences pour l'Union Monétaire," Working Papers 1999-10, CEPII research center.
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