The Dynamic Effects of Shocks to Labour Markets: Evidence from OECD Countries

Manuel Balmaseda, Juan Dolado and David Lopez-Salido

Oxford Economic Papers, 2000, vol. 52, issue 1, 3-23

Abstract: This paper uses a set of plausible long-run identifying restrictions on a three-variable system, including output growth, real wage growth, and the unemployment rate, to isolate three independent structural shocks which drive fluctuations in those variables in a sample of 16 OECD countries during 1950-96. These shocks are interpreted as aggregate demand, productivity, and labour supply disturbances. As a by-product of the previous analysis, the cyclical behaviour of real wages in response to a demand shock is re-examined and two indices of real wage rigidity are derived. Copyright 2000 by Oxford University Press.

Date: 2000
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Working Paper: The dynamic effects of shocks to labour markets: evidence from OECD countries (1999)
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