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| Author: | Holden, S. Nymoen, R. |
| Title: | Measuring structural unemployment: NAWRU estimates in the Nordic countries |
| Journal: | Scandinavian Journal of Economics
2002 : MAR, VOL. 104:1, p. 87-104 |
| Index terms: | Unemployment Economic stability Pay Salary structure Scandinavia Nordic countries |
| Freeterms: | Structural unemployment |
| Language: | eng |
| Abstract: | The non-accelerating wage rate of unemployment, (NAWRU indicator), used by the OECD as a measure of structural unemployment, has risen for the four Nordic countries Denmark, Finland, Norway and Sweden. The paper presents stable empirical wage equations for these countries 1964 - 1994, in sharp contrast to the increased NAWRU estimates. The instability of the NAWRU estimates is an artefact of a misspecified underlying wage equation, and due to instability in wage setting itself. |
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