Assessing labor market conditions in Greece: a note

Paraskevi Salamaliki

MPRA Paper from University Library of Munich, Germany

Abstract: This note uses 18 labor market variables and a dynamic factor model to construct labor market conditions indicators (LMCI) for Greece. The indicators capture common movements among the labor market series and assess improvement of the labor market across a number of dimensions. LMCI changes indicator was deteriorated during the crisis, yet it rebounded back to positive values in late 2013, with speed of improvement being on average much higher compared to the pre-2009 period. Speed of improvement was weakened in early 2015, a period associated with increased political and economic uncertainty. Level LMCI indicator re-exceeded its long-run average 7 years after beginning of the crisis, while its current level is far below levels for the entire sample until 2008. The unemployment rate is found to understate the deterioration and the improvement in labor market conditions in the pre-crisis and the post-crisis period, respectively.

Keywords: Labor market conditions index; dynamic factor model; unemployment rate; factors (search for similar items in EconPapers)
JEL-codes: C32 C33 E24 E27 (search for similar items in EconPapers)
Date: 2019-12-13
New Economics Papers: this item is included in nep-mac
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