Observable and unobservable variables in the theory of the equilibrium rate of unemployment, a comparison between France and the United States

Abstract : This paper confronts, theoretically and empirically, two estimation methods for the Equilibrium Rate of Unemployment (ERU). By introducing observable variables into the TV-NAIRU approach and unobservable variables into the structural approach, we show how these two methods can converge even though their diagnoses differ appreciably in the French case. We considerably improve the econometric and explanatory properties of the French TV-NAIRU model by identifying some of its determinants (interest rates, labour productivity). Moreover, by distinguishing between the concepts of long-term and medium-term ERU, we separate the medium- from the long-term and the observable from the unobservable components of the ERU.
Type de document :
Pré-publication, Document de travail
Liste complète des métadonnées

Littérature citée [25 références]  Voir  Masquer  Télécharger

https://hal-sciencespo.archives-ouvertes.fr/hal-01027420
Contributeur : Spire Sciences Po Institutional Repository <>
Soumis le : jeudi 18 septembre 2014 - 11:03:31
Dernière modification le : lundi 17 juin 2019 - 18:26:09
Document(s) archivé(s) le : vendredi 19 décembre 2014 - 10:40:55

Fichier

wp2004-06.pdf
Accord explicite pour ce dépôt

Identifiants

  • HAL Id : hal-01027420, version 1
  • SCIENCESPO : 2441/1904

Collections

Citation

Eric Heyer, Frédéric Reynès, Henri Sterdyniak. Observable and unobservable variables in the theory of the equilibrium rate of unemployment, a comparison between France and the United States. 2004. ⟨hal-01027420⟩

Partager

Métriques

Consultations de la notice

98

Téléchargements de fichiers

231