Employment and Asset Prices

Gylfi Zoega

No 917, Birkbeck Working Papers in Economics and Finance from Birkbeck, Department of Economics, Mathematics & Statistics

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.

New Economics Papers: this item is included in nep-lab, nep-mac and nep-ure
Date: 2009-11
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Working Paper: Employment and Asset Prices (2009)
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