Employment and Asset Prices

Gylfi Zoega

Economics from Department of Economics, Central bank of Iceland

Abstract: A medium-term relationship exists between share prices, normalised by labour productivity, and the rate of unemployment in the OECD countries. A similar relationship appears to exist between unemployment and house prices. This helps explain decadal changes in mean unemployment, such as the shift to higher mean unemployment in the Continental European countries in the 1970s and 1980s that coincided with a fall in the level of share prices, as well as differences in mean unemployment between countries.

Date: 2009-11
New Economics Papers: this item is included in nep-lab and nep-ure
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Citations: View citations in EconPapers (4)

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Related works:
Working Paper: Employment and Asset Prices (2009)
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