期刊名称：IoES Working Paper Series / Institute of Economic Studies, University of Iceland
出版年度：2004
卷号：2004
出版社：niversity of Iceland
摘要：The literature on unemployment dynamics is mainly concerned with the nature and
impact of shocks to unemployment. In this paper we use OECD unemployment data
to infer the nature of these shocks using factor analysis. We find that two Principal
Components can account for a large part of the variance of unemployment between
and within countries. We then use regression analysis in which equilibrium
unemployment depends on a global shock and domestic labour market institutions,
and the institutions also determine the response to global shocks and the speed of
convergence to equilibrium. We find that national unemployment series do converge
to a moving equilibrium and that the responsiveness shocks and the speed of
convergence to equilibrium also change over time as domestic labour market
institutions change. The calculation of the Principal Components is suggestive of the
possible economic causes of long swings in unemployment
关键词：Unemployment dynamics, Principal Components, labour-market
institutions.
Loading...
