This paper revisits the hysteresis and unemployment problem in Europe by using new data and some innovative methods. Blanchard and Summers are among first researchers to detect the existence of unemployment hysteresis and to attribute the hysteresis effects to the European unemployment problem...

Unemployment hysteresis is an important but rather controversial issue in applied economics because the existence of hysteresis in unemployment rate poses a challenge to a central building-block of macroeconomic theory. The current paper chooses five Central Asian countries, namely Kazakhstan,...

The efficient market hypothesis (EMH), which suggests that returns of a stock market are unpredictable from historical price changes, is satisfied when stock prices are characterized by a random walk (unit root) process. A finding of unit root implies that stock returns cannot be predicted. This...