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Journals / Abant İzzet Baysal Üniversitesi Sosyal Bilimler Enstitüsü Dergisi / 2019 / Cilt: 19 - Sayı: 2

IS NATURAL RATE OF UNEMPLOYMENT OR UNEMPLOYMENT HYSTERESIS? AN ANALYSIS FOR DIFFERENT VARIETIES OF CAPITALISM

İŞSİZLİK HİSTERİSİ Mİ? DOĞAL İŞSİZLİK ORANI MI? FARKLI KAPİTALİZM TÜRLERİ İÇİN BİR ANALİZ

Bahar BAYSAL KAR
Pages
271–298
Publication Date
2022-10-11
DOI
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AI Summary & Key Takeaways

AI Insight
⚡ TL;DR(Too Long; Didn't Read)

The empirical findings suggest that for the coordinated market economies hysteresis hypothesis and for the liberal market economies the natural rate hypotheses are more reasonable hypothesis.

📌 3 Key Takeaways

🎯
Objective & Hypothesis:The purpose of this paper is to investigate empirically whether unemployment behavior is explained by the natural rate of unemployment hypotheses or unemployment hysteresis hypothesis in the liberal market economies and coordinated market economies that are described as two ideal types of capitalism in the literature.
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Key Findings & Data:For this purpose, quarterly unemployment rates are used for the period 1993-2017.
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Conclusion & Impact:The empirical findings suggest that for the coordinated market economies hysteresis hypothesis and for the liberal market economies the natural rate hypotheses are more reasonable hypothesis.
🔬Design:Research Article
📍Scope:2017 Verileri
⚙️Variables:Domain Parameters

Abstract

The purpose of this paper is to investigate empirically whether unemployment behavior is explained by the natural rate of unemployment hypotheses or unemployment hysteresis hypothesis in the liberal market economies and coordinated market economies that are described as two ideal types of capitalism in the literature. For this purpose, quarterly unemployment rates are used for the period 1993-2017. First, it is applied the panel unit root tests which take into account cross-sectional dependence. Then, the unemployment hysteresis hypothesis is individually tested for the two groups of countries by using linear unit root tests, which allow for possible structural breaks. The empirical findings suggest that for the coordinated market economies hysteresis hypothesis and for the liberal market economies the natural rate hypotheses are more reasonable hypothesis.

Özet

Bu çalışmanın amacı literatürde iki ideal kapitalizm türü olarak tanımlanan liberal piyasa ekonomileri ve eşgüdümlü piyasa ekonomilerinde işsizlik davranışının doğal işsizlik oranı ile mi yoksa işsizlik histerisi ile mi açıklanacağını ampirik olarak araştırmaktır. Bu amaçla 1993-2017 dönemi için çeyrek yıllık veriler kullanılmıştır. İlk olarak, yatay kesit bağımlılığını dikkate alan panel birim kök testleri uygulanmıştır. Ardından işsizlik histerisi hipotezi olası yapısal kırılmaları dikkate alan, doğrusal birim kök testleri kullanılarak iki ülke grubu için bireysel olarak test edilmiştir. Ampirik sonuçlar eşgüdümlü piyasa ekonomileri için histeri hipotezinin ve liberal piyasa ekonomileri için doğal oran hipotezinin daha uygun hipotezler olduğunu ortaya koymaktadır.

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Cite This Article

KAR, B. B. (2022). IS NATURAL RATE OF UNEMPLOYMENT OR UNEMPLOYMENT HYSTERESIS? AN ANALYSIS FOR DIFFERENT VARIETIES OF CAPITALISM. Abant İzzet Baysal Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, Cilt: 19 - Sayı: 2, 271–298. https://ajindex.com/articles/426708

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