English, Article, Journal or magazine article edition: Unemployment in the OECD since the 1960s. Do we really know? T. BERGER; G. EVERAERT

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Bookmark: http://trove.nla.gov.au/version/15185
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Unemployment in the OECD since the 1960s. Do we really know?
Author
  • T. BERGER
  • G. EVERAERT
Physical Description
  • preprint
Notes
  • Nickell, Nunziata and Ochel [Economic Journal, 2005] argue that unemployment rates cointegrate with labour market institutions in a panel of OECD countries. This paper reproduces their Maddala-Wu panel cointegration test and shows that this test is only valid when (i) the number of countries tends to infinity and (ii) the underlying country-specific cointegration tests are independent. Their finding of cointegration does not survive when small sample properties and heterogeneous cross-sectional dependencies are taken into account. This suggests that the estimated impact of institutions on unemployment is spurious.
  • unemployment, panel cointegration, bootstrapping
  • RePEc:rug:rugwps:06/​425
Language
  • English
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