Title: Decomposition of unemployment: the case of the Visegrad group countries
Authors: Tvrdoň, Michal
Citation: E+M. Ekonomie a Management = Economics and Management. 2016, č. 1, s. 4-16.
Issue Date: 2016
Publisher: Technická univerzita v Liberci
Document type: článek
URI: http://www.ekonomie-management.cz/download/1457982424_9a12/01_DECOMPOSITION+OF+UNEMPLOYMENT.pdf
ISSN: 2336-5604 (Online)
1212-3609 (Print)
Keywords: Hodrick-Prescottův filtr;hrubý domácí produkt;NAIRU;strukturální nezaměstnanost
Keywords in different language: Hodrick-Prescott filter;gross domestic product;NAIRU;structural unemployment
Abstract in different language: Generally, output measured by real gross domestic product declines and the unemployment rate rises during the economic crisis. This relationship was con fi rmed in the past several crises. However, the impact of economic downturns on structural unemployment will depend on many factors. The aim of the paper is to decomposite unemployment and we try to estimate the rate of structural unemployment. We also made an effort to determine the effects of the crisis on economic performance and functioning of the labour market in the Visegrad group countries. The analysis showed considerable sensitivity of these economies to the development of the external environment (except Poland), mainly through an export channel – the most affected was an industry sector, especially automotive industry. It seems to be important to have more diversi fi ed structure of the economy, mainly the exports. Quarterly data from the Eurostat LFS database in the period between 2000 and 2014 were applied. In order to estimate the trend of the unemployment rate ́s development was used Hodrick-Prescott fi lter. Data show that all observed economies recorded a low unemployment rate in a pre-crisis period and they had to face worsened labour market performance during and after the crisis. Our results suggest that structural component seems to be the most important component of total unemployment. Moreover, it has decreased in these countries, except Hungary. We also compared our approach with an OECD approach which is based on employment of Kalman fi lter. Results suggest that both methods, although they are based on different processes, lead to analogous results.
Rights: © Technická univerzita v Liberci
CC BY-NC 4.0
Appears in Collections:Číslo 1 (2016)
Číslo 1 (2016)

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