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Measuring Structural Unemployment: Is there a Rough and Ready Answer?.`

Steinar Holden () and Ragnar Nymoen ()

No 31/1998, Memorandum from Oslo University, Department of Economics

Abstract: In recent years, the OECD has measured the structural rate of unemployment by an indicator called the Non-Accelerating Wage Rate of Unemployment. The NAWRU-indicator is an important element in the policy analysis of the OECD. The rise in the estimated NAWRUs is also taken as evidence that Nordic unemployment, as well as unemployment in the rest of Europe, has increased due to a malfunctioning of labour markets. The paper presents stable empirical wage equations for Denmark, Finland, Norway and Sweden over the period 1964-1994, in sharp contrast to the increased NAWRU-estimates.

Keywords: ECONOMETRICS; WAGES; UNEMPLOYMENT (search for similar items in EconPapers)
JEL-codes: J64 C50 C60 (search for similar items in EconPapers)
Pages: 34 pages
Date: 1998
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More papers in Memorandum from Oslo University, Department of Economics Department of Economics, University of Oslo, P.O Box 1095 Blindern, N-0317 Oslo, Norway. Contact information at EDIRC.
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Handle: RePEc:hhs:osloec:1998_031