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  • 1
    Online Resource
    Online Resource
    Paris : OECD Publishing
    In:  OECD journal: economic studies Vol. 2001, no. 2, p. 171-216
    ISSN: 1995-2856
    Language: English
    Pages: 59 p
    Parallel Title: Parallelausg. L'estimation du taux de chômage structurel des pays de l'OCDE
    Titel der Quelle: OECD journal: economic studies
    Publ. der Quelle: Paris : Organisation for Economic Cooperation & Development, 2008
    Angaben zur Quelle: Vol. 2001, no. 2, p. 171-216
    Keywords: Economics
    Abstract: The paper first reviews the conceptual framework underlying different measures of structural unemployment as well as alternative empirical methods that have been used to provide estimates of them. Drawing on this review, it goes on to develop a method for estimating time-varying NAIRUs across a range of OECD countries using a Kalman filter. It then discusses the resulting econometric estimates, and the scope for their further refinement given the associated range of uncertainties. Recent trends in the NAIRU estimates are reviewed: they fell in many countries in the second half of the 1990s, although actual unemployment has remained well above the NAIRU for a majority of countries throughout much of the 1990s, particularly in Europe. Finally, the relevance of such measures to analysing inflation developments and monetary policy is discussed.
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  • 2
    Online Resource
    Online Resource
    Paris : OECD Publishing
    Language: English
    Pages: 35 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.311
    Keywords: Economics
    Abstract: The degree of integration and openness of OECD economies has consistently increased throughout most of the past three decades. By limiting the influence of non-economic factors, and reducing heterogeneity in economic systems, increased integration and openness enhance the emergence of common patterns of adjustment to economic shocks among countries. This paper focuses on the demand and price elasticity of manufacturing import volumes in OECD countries, examining if the long-run adjustment of the volume of manufacturing imports to demand and price shocks is similar across countries. The results indicate that the percentage long-run adjustment of manufacturing import volumes to a demand shock is similar across the majority of OECD countries. The adjustment of manufacturing import volumes to relative price shocks are more heterogeneous, although it is possible to identify clusters of countries showing similar responses. The estimated short and long-run demand elasticities are ...
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  • 3
    Online Resource
    Online Resource
    Paris : OECD Publishing
    In:  Revue économique de l'OCDE Vol. 2001, no. 2, p. 185-232
    ISSN: 1684-3444
    Language: French
    Pages: 61 p
    Parallel Title: Parallelausg. Estimating the structural rate of unemployment for the OECD countries
    Titel der Quelle: Revue économique de l'OCDE
    Publ. der Quelle: Paris : OCDE, 1998
    Angaben zur Quelle: Vol. 2001, no. 2, p. 185-232
    Keywords: Economics
    Abstract: La présente étude commence par une revue du cadre conceptuel des différentes mesures du chômage structurel et des autres méthodes empiriques qui ont été utilisées pour estimer ces mesures. A partir de là, elle expose une méthode pour estimer, au moyen du filtre de Kalman, les NAIRU variables dans le temps dans un ensemble de pays de l’OCDE. Elle analyse ensuite les estimations économétriques qui en résultent et la possibilité de les affiner davantage, compte tenu des nombreuses incertitudes liées à l’estimation. Elle expose les évolutions récentes des estimations du NAIRU : elles ont régressé dans de nombreux pays au cours de la deuxième moitié des années 80, bien que le chômage effectif soit demeuré largement supérieur au NAIRU dans une majorité de pays pendant la plus grande partie de la décennie, particulièrement en Europe. En dernière partie, elle explique l’intérêt des mesures du chômage structurel pour l’analyse des évolutions de l’inflation et de la politique monétaire.
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  • 4
    Language: English
    Pages: 76 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.250
    Keywords: Economics
    Abstract: The structural rate of unemployment and associated non-accelerating inflation rate of unemployment (the NAIRU) are of major importance to the analysis of macro and structural economic developments, although in practice these concepts are not well defined and there is considerable uncertainty and controversy concerning their measurement and policy use. The present paper reviews a range of conceptual and analytical issues and related empirical studies to examine the usefulness and limitations of such concepts. A reduced-form Phillips curve approach is found the most suitable conceptual framework for representing the NAIRU as currently used by the OECD in its policy analysis and surveillance work. Three distinct classes of NAIRU concept are identified, distinguished by the time-frame in which they are defined, which map directly into the broad requirements for macro and structural policy analysis. In line with a number of recent empirical studies, this general approach is applied ...
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