The asymmetric behaviour of spanish unemployment persistence

Guglielmo Maria Caporale and Luis Gil-Alana

Economics Bulletin, 2018, vol. 38, issue 1, 98-104

Abstract: One of the key features of unemployment rate is its persistence, normally described as hysteresis. This note applies fractional integration techniques to show that Spanish unemployment is highly persistent and exhibits asymmetric behaviour, specifically its degree of persistence is higher during recessions (when unemployment is going up) compared to expansions (when it is going down). Further work should investigate whether this is a stylised fact also in other countries exhibiting hysteresis.

Keywords: unemployment; asymmetries; fractional integration; persistence (search for similar items in EconPapers)
JEL-codes: E2 (search for similar items in EconPapers)
Date: 2018-01-24
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Citations: View citations in EconPapers (3)

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