What Drives the NAIRU? Evidence from a Panel of OECD Countries:
This paper analyses the determinants of structural unemployment rates in a two-stage approach. First, time-varying NAIRUs are estimated for a panel of OECD economies on the basis of Phillips curve equations using Kalman filter techniques. In a second stage, the estimated NAIRUs are regressed on sele...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
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Paris
OECD Publishing
2008
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| Schriftenreihe: | OECD Economics Department Working Papers
no.649 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | This paper analyses the determinants of structural unemployment rates in a two-stage approach. First, time-varying NAIRUs are estimated for a panel of OECD economies on the basis of Phillips curve equations using Kalman filter techniques. In a second stage, the estimated NAIRUs are regressed on selected policy and institutional variables. As predicted by theoretical wage-setting/price-setting models, the level of the tax wedge and the user cost of capital are found to be important drivers of structural unemployment. Consistent with earlier studies, the level of product market regulation, union density and the unemployment benefit replacement rate also play an important role in explaining changes in the NAIRU although there is considerable variation in estimates across countries. Nonetheless, the set of structural variables provides a reasonable explanation of NAIRU dynamics over the period 1978-2003, even though recent decreases are better explained than the earlier surge. |
| Beschreibung: | 1 Online-Ressource (51 p.) 21 x 29.7cm. |
| DOI: | 10.1787/231764364351 |
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| indexdate | 2024-11-26T14:56:03Z |
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| spelling | Gianella, Christian VerfasserIn aut What Drives the NAIRU? Evidence from a Panel of OECD Countries Christian, Gianella ... [et al] = Quels déterminants du NAIRU ? Évidence empirique à partir d'un panel de pays de l'OCDE / Christian, Gianella ... [et al] Quels déterminants du NAIRU ? Évidence empirique à partir d'un panel de pays de l'OCDE Paris OECD Publishing 2008 1 Online-Ressource (51 p.) 21 x 29.7cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Economics Department Working Papers no.649 This paper analyses the determinants of structural unemployment rates in a two-stage approach. First, time-varying NAIRUs are estimated for a panel of OECD economies on the basis of Phillips curve equations using Kalman filter techniques. In a second stage, the estimated NAIRUs are regressed on selected policy and institutional variables. As predicted by theoretical wage-setting/price-setting models, the level of the tax wedge and the user cost of capital are found to be important drivers of structural unemployment. Consistent with earlier studies, the level of product market regulation, union density and the unemployment benefit replacement rate also play an important role in explaining changes in the NAIRU although there is considerable variation in estimates across countries. Nonetheless, the set of structural variables provides a reasonable explanation of NAIRU dynamics over the period 1978-2003, even though recent decreases are better explained than the earlier surge. Economics Koske, Isabell MitwirkendeR ctb Rusticelli, Elena MitwirkendeR ctb Chatal, Olivier MitwirkendeR ctb FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/231764364351 Volltext |
| spellingShingle | Gianella, Christian What Drives the NAIRU? Evidence from a Panel of OECD Countries Economics |
| title | What Drives the NAIRU? Evidence from a Panel of OECD Countries |
| title_alt | Quels déterminants du NAIRU ? Évidence empirique à partir d'un panel de pays de l'OCDE |
| title_auth | What Drives the NAIRU? Evidence from a Panel of OECD Countries |
| title_exact_search | What Drives the NAIRU? Evidence from a Panel of OECD Countries |
| title_full | What Drives the NAIRU? Evidence from a Panel of OECD Countries Christian, Gianella ... [et al] = Quels déterminants du NAIRU ? Évidence empirique à partir d'un panel de pays de l'OCDE / Christian, Gianella ... [et al] |
| title_fullStr | What Drives the NAIRU? Evidence from a Panel of OECD Countries Christian, Gianella ... [et al] = Quels déterminants du NAIRU ? Évidence empirique à partir d'un panel de pays de l'OCDE / Christian, Gianella ... [et al] |
| title_full_unstemmed | What Drives the NAIRU? Evidence from a Panel of OECD Countries Christian, Gianella ... [et al] = Quels déterminants du NAIRU ? Évidence empirique à partir d'un panel de pays de l'OCDE / Christian, Gianella ... [et al] |
| title_short | What Drives the NAIRU? Evidence from a Panel of OECD Countries |
| title_sort | what drives the nairu evidence from a panel of oecd countries |
| topic | Economics |
| topic_facet | Economics |
| url | https://doi.org/10.1787/231764364351 |
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