Equilibrium Rates and Wage Flexibility in Europe

R.C.M.H. Douven ()
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R.C.M.H. Douven: CPB The Hague (Netherlands Bureau for Economic Policy Analysis), Postal: Afd: ISO; CPB (Centraal Planbureau); P.O.Box 80510; 2500 EM The Hague; The Netherlands, http://www.cpb.nl/

No 10, Economics Working Papers from European Network of Economic Policy Research Institutes

Abstract: This paper presents estimates of short-term and long-term equilibrium rates of unemployment. Estimates of equilibrium rates of unemployment in the literature often produce results that closely follow actual unemployment rates. This paper, in contrast, shows that in the past twenty years equilibrium rates may well have been substantially lower than actual unemployment rates in many European countries. This result indicates a considerable period of rather low wage flexibility and strong persistence.

Pages: 41 pages
Date: 2002-09
New Economics Papers: this item is included in nep-eec and nep-lab
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