Eurozone unemployment stats may understate slack – research
Authors say they have created an indicator with important monetary policy implications
Focusing on the official eurozone unemployment rate could understate labour market slack, researchers with the Federal Reserve find. Their research suggests such a misunderstanding could affect the trade-off between inflationary forces and labour market health.
The authors – Ece Fisgin, Joaquin Garcia-Cabo, Alex Haag and Mitch Lott – say that by combining 22 labour market indicators into two indicators, they have created a “systematic view of the current state and forward-looking direction” of
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