Estimating the structural rate of unemployment for the OECD countries

Laurence Boone, Claude Giorno, Mara Meacci, David Rae, Peter Richardson and Dave Turner

OECD Economic Studies, 2003, vol. 2001, issue 2, 171-216

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.

Date: 2003
References: Add references at CitEc
Citations: View citations in EconPapers (33)

Downloads: (external link)
https://doi.org/10.1787/eco_studies-v2001-art14-en (text/html)
Full text available to READ online. PDF download available to OECD iLibrary subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:oec:ecokaa:5lmqcr2k29ls

Access Statistics for this article

More articles in OECD Economic Studies from OECD Publishing Contact information at EDIRC.
Bibliographic data for series maintained by ().