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Panel data evidence on the role of institutions and shocks for unemployment dynamics and equilibrium

Nymoen, Ragnar; Sparrman, Victoria - 2012

We estimate the quantitative importance of labour market institutions for equilibrium unemployment in OECD. The empirical equation for unemployment is based on the solution of a dynamic macroeconomic model where wages and prices are jointly determined with unemployment. Compared to existing...

Persistent link: https://www.econbiz.de/10010330226

Equilibrium unemployment dynamics in a panel of OECD countries

Nymoen, Ragnar; Sparrman, Victoria - 2013

We focus on the equilibrium unemployment rate as a parameter implied by a dynamic aggregate model of wage- and price setting. The equilibrium unemployment rate depends on institutional labour market institutions through mark-up coefficients. Compared to existing studies, the resulting final...

Persistent link: https://www.econbiz.de/10010330277

Modelling the heuristic dynamics of the wage and price curve model of equilibrium unemployment

Kolsrud, Dag; Nymoen, Ragnar - 2012

wage scope (price curve), which jointly determine the NAIRU. The heuristics of the model states that unless the rate of … unemployment approaches the NAIRU from any given initial value, inflation will be increasing or decreasing over time. We formalize …'s equations are re-interpretated as attractor relationships. We show that NAIRU unemployment dynamics are sufficient but not …

Persistent link: https://www.econbiz.de/10011968441

U.S. natural rate dynamics reconsidered

Bårdsen, Gunnar; Nymoen, Ragnar - 2006

Several features of the U.S. natural rate of unemployment are reconsidered through specification and testing of econometric models. Traditionally, the choice has been between a wage Phillips curve model, PCM, or an equilibrium correction wage curve model, WECM. The models proposed in this paper...

Persistent link: https://www.econbiz.de/10010284368

Testing Steady-State Implications for the NAIRU

Bårdsen, Gunnar; Nymoen, Ragnar - 2000

Estimates of the NAIRU are usually derived either from a Phillips curve or from a wage curve. This paper investigates … the correspondence between the operational NAIRU-concepts and the steady state of a dynamic wage-price model. We derive …