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- W1954304583 abstract "This paper applies a set of unit root and cointegration tests with non-linear error-correction mechanisms to a subset of the OECD countries to investigate the empiricalconclusions of some of the labor market models in the literature. I generally find thatthe unemployment rate, productivity, and real wages have a unit root even if onecontrols for threshold effects. This finding justifies the use of a cointegration approachto assess the existence of a long-run equilibrium among the variables of interest. Forroughly half of the OECD countries in the sample, the unemployment rate, real wages,and productivity trend together over time. For four countries (i.e, Germany, Japan,Sweden, and the US) the adjustment to the long run relationship appears mostlyasymmetric. Also, an impulse response function analysis suggests that real wages andproductivity adjust faster to the long-run equilibrium, while shocks to unemploymenttake longer to extinguish. Also, according to the sign of the shocks, the unemploymentrates respond differently. These findings suggest that a proper analysis of the behaviorof productivity, real wages, and unemployment should consider non-linear adjustmentmechanisms to long-run equilibrium since a liner approach would be biased." @default.
- W1954304583 created "2016-06-24" @default.
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- W1954304583 date "2007-07-11" @default.
- W1954304583 modified "2023-09-24" @default.
- W1954304583 title "Productivity Shocks, Unemployment Persistence, and the Adjustment of Real Wages in OECD Countries" @default.
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