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Spanish Regional Unemployment Disentangling the Sources of Hysteresis

Author: Alejandro García-Cintado; Diego Romero-Ávila; Carlos Usabiaga
Publisher: Cham Imprint: Springer 2014
Series: SpringerBriefs in Economics
Edition/Format:   eBook : Document : EnglishView all editions and formats
Database:WorldCat
Summary:
This work investigates the time series properties of the unemployment rate of the Spanish regions over the period 1976-2011. For that purpose, the authorsemploy the PANIC procedures of Bai and Ng (2004), which allows to decompose the observed unemployment rate series into common factor and idiosyncratic components. This enablesthe authorsto identify the exact source behind the hysteretic behaviour found in Spanish  Read more...
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Genre/Form: Online-Publikation
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Alejandro García-Cintado; Diego Romero-Ávila; Carlos Usabiaga
ISBN: 9783319036854 3319036858 9783319036861 3319036866
OCLC Number: 869715440
Description: 1 online resource (IX, 68 p.) 3 illus
Contents: Introduction --
PANIC Analysis of Spanish Regional Unemployment --
Explaining the Common Stochastic Trend in Spanish Regional Unemployment: Granger-Causality Analysis --
Policy Considerations Drawn from Our Results --
Concluding Remarks --
Appendix.
Series Title: SpringerBriefs in Economics
Responsibility: by Alejandro García-Cintado, Diego Romero-Ávila, Carlos Usabiaga
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Abstract:

This work investigates the time series properties of the unemployment rate of the Spanish regions over the period 1976-2011. For that purpose, the authorsemploy the PANIC procedures of Bai and Ng (2004), which allows to decompose the observed unemployment rate series into common factor and idiosyncratic components. This enablesthe authorsto identify the exact source behind the hysteretic behaviour found in Spanish regional unemployment. Overall, the analysis with three different proxies for the excess of labour supply renders strong support for the hysteresis hypothesis, which appears to be caused by a common stochastic trend driving all the regional unemployment series. In the second part of the analysisthe authorstry to determine the macroeconomic and institutional factors that are able to explain the time series evolution of the common factor, and in turn help us shed light on the ultimate sources of hysteresis. Thereadershall see how the variables that the empirical analysis emphasises as relevant closely fit into the main causes of the Spanish unemployment behaviour. Finally, some policy considerations drawn fromthe results are presented.

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