search query: @indexterm rate of return / total: 621
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| Author: | Bianchi, M. Zoega, G. |
| Title: | Challenges facing natural rate theory |
| Journal: | European Economic Review
1997 : VOL. 41:3-5, p. 535-548 |
| Index terms: | RATE OF RETURN THEORIES ECONOMICS |
| Language: | eng |
| Abstract: | This paper attempts to test the natural rate hypothesis by looking at historical unemployment data for France, the UK and the US. The authors find that the unemployment series can be described as stationary around an infrequently changing mean. Moreover, that the speed of convergence towards mean unemployment is slower when unemployment is high and differs across the three countries: the two European countries having more persistence. The authors did not find any evidence that the persistence of a change in unemployment is a function of the size of the change. |
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