UNEMPLOYMENT HYSTERESIS IN PIIGS COUNTRIES: A NEW TEST WITH BOTH SHARP AND SMOOTH BREAKS

被引：3

作者：

Li, Jing-Ping ^{[1
]}

Ranjbar, Omid ^{[2
]}

Chang, Tsangyao ^{[3
]}

机构：

[1] Shanxi Univ Finance & Econ, Dept Finance & Banking, Taiyuan, Shanxi, Peoples R China

[2] Allameh Tabatabai Univ, TPO, Dept Econ, Tehran 15134, Iran

[3] Feng Chia Univ Taichung, Dept Finance, Taichung, Taiwan

来源：

SINGAPORE ECONOMIC REVIEW | 2017年 / 62卷 / 05期

基金：

美国国家科学基金会;

关键词：

Hysteresis in unemployment; PIIGS countries; Stationary test; sharp and smooth breaks; Fourier function; UNIT-ROOT TESTS; STATIONARITY TEST; HYPOTHESIS; SERIES; RATES;

D O I：

10.1142/S0217590815500782

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

In this empirical study, we apply the Panel stationary test with both sharp and smooth breaks to re-examine the hysteresis hypothesis of unemployment for five high-debt countries, Portugal, Ireland, Italy, Greece and Spain (PIIGS) from 1960 to 2011. We find that our proposed model has greater power than a linear method if the true data-generating process of unemployment is a stationary, non-linear process of unknown form with structural changes. Hysteresis in unemployment is confirmed for all PIIGS countries when traditional unit root tests are employed; however, hysteresis in unemployment is confirmed only for Greece when our proposed Panel stationary test with both sharp and smooth breaks is utilized.

引用

页码：1165 / 1177

页数：13

共 41 条

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