Reassessing the NAIRUs after the Crisis:
The financial crisis has resulted in a substantial increase in unemployment in the OECD. This paper shows that this increase has reversed the reduction in structural unemployment which has been estimated to have occurred in most OECD countries since the late 1990s. Structural unemployment is defined...
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| Format: | Elektronisch E-Book |
| Sprache: | Englisch |
| Veröffentlicht: |
Paris
OECD Publishing
2011
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| Schriftenreihe: | OECD Economics Department Working Papers
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| Schlagwörter: | |
| Links: | https://doi.org/10.1787/5kg0kp712f6l-en |
| Zusammenfassung: | The financial crisis has resulted in a substantial increase in unemployment in the OECD. This paper shows that this increase has reversed the reduction in structural unemployment which has been estimated to have occurred in most OECD countries since the late 1990s. Structural unemployment is defined as a time-varying NAIRU derived from the information contained in a reduced Phillips curve equation (linking inflation to the unemployment gap) by means of a Kalman filter. The overall limited revisions in historical NAIRU estimated in 2008 after such a large labour market shock support the robustness of the OECD approach. This approach is therefore extended to almost all OECD countries. Alternative specifications of the Phillips curve are proposed for some specific groups of countries |
| Umfang: | 1 Online-Ressource (27 Seiten) 21 x 29.7cm |
| DOI: | 10.1787/5kg0kp712f6l-en |
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| illustrated | Not Illustrated |
| indexdate | 2025-01-11T15:45:42Z |
| institution | BVB |
| language | English |
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| publisher | OECD Publishing |
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| series2 | OECD Economics Department Working Papers |
| spellingShingle | Guichard, Stéphanie Reassessing the NAIRUs after the Crisis Economics |
| title | Reassessing the NAIRUs after the Crisis |
| title_alt | Un réexamen des NAIRUs après la crise |
| title_auth | Reassessing the NAIRUs after the Crisis |
| title_exact_search | Reassessing the NAIRUs after the Crisis |
| title_full | Reassessing the NAIRUs after the Crisis Stéphanie Guichard and Elena Rusticelli = Un réexamen des NAIRUs après la crise / Stéphanie Guichard et Elena Rusticelli |
| title_fullStr | Reassessing the NAIRUs after the Crisis Stéphanie Guichard and Elena Rusticelli = Un réexamen des NAIRUs après la crise / Stéphanie Guichard et Elena Rusticelli |
| title_full_unstemmed | Reassessing the NAIRUs after the Crisis Stéphanie Guichard and Elena Rusticelli = Un réexamen des NAIRUs après la crise / Stéphanie Guichard et Elena Rusticelli |
| title_short | Reassessing the NAIRUs after the Crisis |
| title_sort | reassessing the nairus after the crisis |
| topic | Economics |
| topic_facet | Economics |
| url | https://doi.org/10.1787/5kg0kp712f6l-en |
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