The dynamic effects of shocks to labour markets: evidence from OECD countries

Manuel Balmaseda and David Lopez-Salido
Authors registered in the RePEc Author Service: Juan J. Dolado

UC3M Working papers. Economics from Universidad Carlos III de Madrid. Departamento de Economía

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 the real wages in response to a demand shock is re-examined and two indices of real wage rigidity are derived.

Keywords: Vector; autoregressions; Unemployment; Real; wage; rigidity (search for similar items in EconPapers)
Date: 1999-07
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Journal Article: The Dynamic Effects of Shocks to Labour Markets: Evidence from OECD Countries (2000)
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Persistent link: https://EconPapers.repec.org/RePEc:cte:werepe:6162

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