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Spanish Regional Unemployment

Disentangling the Sources of Hysteresis

  • Book
  • © 2014

Overview

Authors:
  1. Alejandro García-Cintado

    1. Pablo de Olavide University, Seville, Spain

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  2. Diego Romero-Ávila

    1. Pablo de Olavide University, Seville, Spain

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  3. Carlos Usabiaga

    1. Pablo de Olavide University, Seville, Spain

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  • Provides an insightful analysis of the sources of hysteresis in Spanish regional unemployment
  • Shows how econometric techniques allow to decompose the observed unemployment rate series into an idiosyncratic and common component
  • Offers a policy bundle to combat the sources of underlying regional unemployment in Spain
  • Includes supplementary material: sn.pub/extras

Part of the book series: SpringerBriefs in Economics (BRIEFSECONOMICS)

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Table of contents (5 chapters)

  1. Front Matter

    Pages i-ix
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  2. Introduction

    • Alejandro García-Cintado, Diego Romero-Ávila, Carlos Usabiaga
    Pages 1-7

  3. PANIC Analysis of Spanish Regional Unemployment

    • Alejandro García-Cintado, Diego Romero-Ávila, Carlos Usabiaga
    Pages 9-21

  4. Explaining the Common Stochastic Trend in Spanish Regional Unemployment: Granger-Causality Analysis

    • Alejandro García-Cintado, Diego Romero-Ávila, Carlos Usabiaga
    Pages 23-43

  5. Policy Considerations Drawn from Our Results

    • Alejandro García-Cintado, Diego Romero-Ávila, Carlos Usabiaga
    Pages 45-49

  6. Concluding Remarks

    • Alejandro García-Cintado, Diego Romero-Ávila, Carlos Usabiaga
    Pages 51-52

  7. Back Matter

    Pages 53-68
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Keywords

About this book

This work investigates the time series properties of the unemployment rate of the Spanish regions over the period 1976-2011. For that purpose, the authors employ the PANIC procedures of Bai and Ng (2004), which allows to decompose the observed unemployment rate series into common factor and idiosyncratic components. This enables the authors to identify the exact source behind the hysteretic behaviour found in Spanish regional unemployment. Overall, the analysis with three different proxies for the excess of labour supply renders strong support for the hysteresis hypothesis, which appears to be caused by a common stochastic trend driving all the regional unemployment series. In the second part of the analysis the authors try to determine the macroeconomic and institutional factors that are able to explain the time series evolution of the common factor, and in turn help us shed light on the ultimate sources of hysteresis. The reader shall see how the variables that the empirical analysis emphasises as relevant closely fit into the main causes of the Spanish unemployment behaviour. Finally, some policy considerations drawn from the results are presented.

Authors and Affiliations

  • Pablo de Olavide University, Seville, Spain

    Alejandro García-Cintado, Diego Romero-Ávila, Carlos Usabiaga

About the authors

Alejandro García-Cintado is Assistant Professor at Pablo de Olavide University (Seville) and Visiting Professor at Paris-Est Créteil Val-de-Marne University (France). His research interests lie in the fields of Macroeconomics and International Economics.

Diego Romero-Ávila is Associate Professor at Pablo de Olavide University. He has been Research Fellow at the European Central Bank and Visiting Professor at Vienna University of Economics and Business. His research interests lie in the fields of Macroeconomics and Development Economics. He has published articles in such academic journals as International Economic Review, Journal of Money, Credit and Banking, Canadian Journal of Economics, World Development, Economic Inquiry, Journal of Banking and Finance and European Journal of Political Economy among others.

Carlos Usabiaga is Full Professor of Economics at Pablo de Olavide University. He has been Visiting Researcher at the London School of Economics, Northwestern University (USA), European University Institute (Florence), CEMFI (Madrid) and FEDEA (Madrid). He has been Head of the Department of Economics at Pablo de Olavide University for 8 years. He has published widely on Macroeconomic and Labour topics. He was the author of a book published by Macmillan in 1999 and translated into Spanish. He has published articles in such academic journals as Empirical Economics, Economic Modelling, Southern Economic Journal, Contemporary Economic Policy, Applied Economics, among others.

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