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Is mismatch really the problem ?: some estimates of the Chelwood Gate II model with US data

Author: Burda, Michael C. INSEAD Area: Economics and Political Science In: Europe's unemployment problem - Dreze, Jacques H.;Bean, C. R. - 1990 - Book Language: EnglishDescription: p. 451-479.Type of document: INSEAD ChapterNote: Please ask the Library for this chapter.Abstract: Estimates of the Chelwood Gate II model with postwar US data are reported. The results are strikingly similar to current work on Western European economies. In particular, estimates imply a modest increase in the degree of mismatch or structural imbalance over the last ten years in the United States. The robustness of these results and the constancy of the estimated natural rate of unemployment over the sample period suggest that microeconomic "tension" across submarkets in the Lambert (1987) framework may play only a limited role in accounting for the divergent behaviour of European and US unemployment rates
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Estimates of the Chelwood Gate II model with postwar US data are reported. The results are strikingly similar to current work on Western European economies. In particular, estimates imply a modest increase in the degree of mismatch or structural imbalance over the last ten years in the United States. The robustness of these results and the constancy of the estimated natural rate of unemployment over the sample period suggest that microeconomic "tension" across submarkets in the Lambert (1987) framework may play only a limited role in accounting for the divergent behaviour of European and US unemployment rates

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