Smith, Ron (contributor); Gylfi Zoega (contributor) - 2008
estimate a model of unemployment adjustment, which allows for the influence both of the global factor and of labour market … institutions and we examine whether the global factor can act as a proxy for the natural rate in a Phillips Curve. In 15 out of the … 21 countries one cannot reject that the same natural rate, as a function of the global factor, appears in both the …