The dynamic effects of shocks to labour markets: evidence from OECD countries |
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Authors: | Balmaseda, M Dolado, JJ Lpez-Salido, JD |
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Affiliation: | z Research Department, Banco BBV y Department of Economics, Universidad Carlos III, c/Madrid 126, 28903 Getafe, Madrid, Spain E-mail: dolado@eco.uc3m.es w Research Department, Banco de Espa |
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Abstract: | This paper uses a set of plausible long-run identifying restrictionson a three-variable system, including output growth, real wagegrowth, and the unemployment rate, to isolate three independentstructural shocks which drive fluctuations in those variablesin a sample of 16 OECD countries during 1950-96. These shocksare interpreted as aggregate demand, productivity, and laboursupply disturbances. As a by-product of the previous analysis,the cyclical behaviour of real wages in response to a demandshock is re-examined and two indices of real wage rigidity arederived. |
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