The NAIRU determinants: What's structural about unemployment in Europe?

被引：24

作者：

Heimberger, Philipp ^{[1
,2
]}

Kapeller, Jakob ^{[2
,3
]}

Schuetz, Bernhard ^{[2
,4
]}

机构：

[1] Johannes Kepler Univ Linz, Vienna Inst Int Econ Studies, Linz, Austria

[2] Johannes Kepler Univ Linz, Inst Comprehens Anal Econ, Linz, Austria

[3] Johannes Kepler Univ Linz, Dept Philosophy & Theory Sci, Linz, Austria

[4] Johannes Kepler Univ Linz, Dept Econ, Linz, Austria

来源：

JOURNAL OF POLICY MODELING | 2017年 / 39卷 / 05期

关键词：

Unemployment; Fiscal policy; Labor market institutions; Potential output; NAIRU; LABOR-MARKET INSTITUTIONS; UNIT-ROOT TESTS; OECD COUNTRIES; CAPITAL ACCUMULATION; FLEXIBLE LABOR; PERFORMANCE; RIGIDITIES; INFLATION;

D O I：

10.1016/j.jpolmod.2017.04.003

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper analyzes the determinants of the European Commission's estimates of the non-accelerating inflation rate of unemployment (NAIRU) for 14 European countries during 1985-2012. The NAIRU is a poor proxy for 'structural unemployment'. Labor market institutions - employment protection legislation, union density, tax wedge, minimum wages - underperform in explaining the NAIRU, while cyclical variables capital accumulation and boom-bust patterns in housing markets - play an important role. This finding is policy-relevant since the NAIRU is used to compute potential output and structural budget balances and, hence, has a direct impact on scope and evaluation of fiscal policies in Europe. (C) 2017 The Society for Policy Modeling. Published by Elsevier Inc. All rights reserved.

引用

页码：883 / 908

页数：26

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