Le taux de chômage et d'équilibre : Discussion empirique et évaluation empirique
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
|Date of creation:||26 Nov 2004|
|Date of revision:||08 Dec 2004|
|Note:||Type of Document - pdf; pages: 39. Text in French. Revue de l'OFCE, n°81, avril 2002.|
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