Labour Market Performance and Macroeconomic Policy: The Time Varying NAIRU in the CR

During the second half of the 1990s, the Czech economy experienced a sharp increase in the unemployment rate. The authors attempt to determine whether this was caused by structural changes, worsening labor-market performance, or by the changing business-cycle position. This has direct implications f...

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Veröffentlicht in:Finance a úvěr 2005-01, Vol.55 (1,2), p.25
Hauptverfasser: Hurnik, Jaromir, Navratil, David
Format: Artikel
Sprache:eng
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Zusammenfassung:During the second half of the 1990s, the Czech economy experienced a sharp increase in the unemployment rate. The authors attempt to determine whether this was caused by structural changes, worsening labor-market performance, or by the changing business-cycle position. This has direct implications for both monetary and fiscal policy. The authors use NAIRU (non-accelerating inflation rate of unemployment) estimates using time-varying NAIRU. The estimates indicate that the NAIRU increased between 1996 and 2002 by approximately 1.5 percent. Estimated increases in the NAIRU can be associated with the worsening of labor-market efficiency. [PUBLICATION ABSTRACT]
ISSN:0015-1920
2464-7683