Working paper
Unemployment hysteresis and capacity
- Abstract:
-
This paper examines an open economy model in which equilibrium unemployment depends on capacity in the traded-goods sector. The model is estimated using U.K. quarterly data and compared with alternative concepts of equilibrium unemployment based on labour market variables (as in Layard and Nickell, 1986) or on the price of oil and the real interest rate (as in Carruth, Hooker and Oswald, 1998). The capacity model displays a non-linear hysteresis mechanism through which capacity utilisation an...
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- Publication status:
- Published
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Bibliographic Details
- Publisher:
- University of Oxford
- Series:
- Department of Economics Discussion Paper Series
- Publication date:
- 2001-10-01
- Paper number:
- 82
Item Description
- Keywords:
- Pubs id:
-
1144338
- Local pid:
-
pubs:1144338
- Deposit date:
-
2020-12-15
Terms of use
- Copyright date:
- 2001
- Rights statement:
- Copyright 2001 The Author(s)
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