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

  • Odile Chagny

    (OFCE)

  • Frédéric Reynès

    (IEP-Paris)

  • Henri Sterdyniak

    (OFCE)

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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File URL: http://128.118.178.162/eps/mac/papers/0411/0411017.pdf
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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.
Contact details of provider: Web page: http://128.118.178.162

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  1. Olivier Blanchard & Lawrence F. Katz, 1996. "What We Know and Do Not Know About the Natural Rate of Unemployment," NBER Working Papers 5822, National Bureau of Economic Research, Inc.
  2. repec:ner:tilbur:urn:nbn:nl:ui:12-89213 is not listed on IDEAS
  3. C Bean, 1992. "European Unemployment: A Survey," CEP Discussion Papers dp0071, Centre for Economic Performance, LSE.
  4. 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.
  5. Olivier J. Blanchard & Lawrence H. Summers, 1986. "Hysteresis and the European Unemployment Problem," NBER Chapters, in: NBER Macroeconomics Annual 1986, Volume 1, pages 15-90 National Bureau of Economic Research, Inc.
  6. Loïc Cadiou & Stéphanie Guichard, 1999. "Marchés du travail en Europe : Quelles conséquences pour l'Union Monétaire," Working Papers 1999-10, CEPII research center.
  7. repec:ner:tilbur:urn:nbn:nl:ui:12-383721 is not listed on IDEAS
  8. Olivier Jean Blanchard & Lawrence Katz, 1999. "Wage Dynamics: Reconciling Theory and Evidence," NBER Working Papers 6924, National Bureau of Economic Research, Inc.
  9. Burda, Michael C. & Weder, Mark, 2001. "Complementarity of labor market institutions, equilibrium unemployment and the propagation of business cycles," HWWA Discussion Papers 138, Hamburg Institute of International Economics (HWWA).
  10. repec:dgr:kubcen:200150 is not listed on IDEAS
  11. Olivier Blanchard & Justin Wolfers, 1999. "The Role of Shocks and Institutions in the Rise of European Unemployment: The Aggregate Evidence," NBER Working Papers 7282, National Bureau of Economic Research, Inc.
  12. P Clark & D Laxton, 1997. "Phillips Curves," CEP Discussion Papers dp0344, Centre for Economic Performance, LSE.
  13. 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.
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