Publication details

Unemployment Hysteresis in the Czech Republic

Authors

BECHNÝ Jakub

Year of publication 2019
Type Article in Periodical
Magazine / Source Prague Economic Papers : Quarterly Journal of Economic Theory and Policy
MU Faculty or unit

Faculty of Economics and Administration

Citation
Web https://pep.vse.cz/artkey/pep-201905-0003_unemployment-hysteresis-in-the-czech-republic.php
Doi http://dx.doi.org/10.18267/j.pep.709
Keywords Hysteresis; NAIRU; Phillips curve; state space models; unemployment
Attached files
Description This paper analyses the unemployment hysteresis in the Czech Republic on data from 1999 to 2016. The hysteresis is modelled by allowing for the impact of the cyclical unemployment on the non-accelerating inflation rate of unemployment. Models are estimated by using the Bayesian approach and provide robust evidence in favour of the hysteresis. The estimates imply that in response to increase in the cyclical unemployment of 1 percentage point, the non-accelerating inflation rate of unemployment increases by 0.18 percentage points.
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