A suggestion for a simple cross-country empirical proxy for trend unemployment
Stephen Murchison and
Pierre Siklos ()
Applied Economics Letters, 1999, vol. 6, issue 7, 447-451
We propose a proxy for trend unemployment derived from the cointegration property between unemployment rates and world oil prices. Evidence from a sample of OECD countries is presented in support of the hypothesis. We argue that our empirical proxy is superior from an economic perspective to at least one popular empirical alternative and may be especially useful in cross-country type studies.
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