Publication details
Hystereze nezaměstnanosti v ČR - obecný makroekonomický pohled
| Title in English | Hysteresis in Unemployment - General Macroeconomic View |
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| Authors | |
| Year of publication | 2004 |
| Type | Article in Proceedings |
| Conference | MendelNET 2004 - Sborník příspěvků z konference studentů doktorského studia |
| MU Faculty or unit | |
| Citation | |
| Keywords | hysteresis; unemployment; natural rate of unemployment; NAIRU |
| Description | This contribution attempts to identify empirically hysteresis of unemployment in the Czech Republic. We understand the notion of hysteresis from Robert J. Gordons general macroeconomics point of view of New Keynesian Macroeconomics, i.e. the natural rate of unemployment (often called NAIRU) follows in the path of the actual unemployment rate. Hysteresis is confirmed in a simple model for macroeconomic data for the Czech Republic. The existence of hysteresis has important implications for economic policy and its tools. |