The Non-Accelerating Infection Rate of Unemployment as an Alternative to the Non-Accelerating Inflation Rate of Unemployment for the Period of the COVID-19 Pandemic: the Example of the Industries of the Czech Republic

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F04274644%3A_____%2F23%3A%230001063" target="_blank" >RIV/04274644:_____/23:#0001063 - isvavai.cz</a>

Výsledek na webu

<a href="https://inzeko.ktu.lt/index.php/EE/article/view/32051" target="_blank" >https://inzeko.ktu.lt/index.php/EE/article/view/32051</a>

DOI - Digital Object Identifier

<a href="http://dx.doi.org/10.5755/j01.ee.34.5.32051" target="_blank" >10.5755/j01.ee.34.5.32051</a>

Jazyk výsledku

angličtina

Název v původním jazyce

The Non-Accelerating Infection Rate of Unemployment as an Alternative to the Non-Accelerating Inflation Rate of Unemployment for the Period of the COVID-19 Pandemic: the Example of the Industries of the Czech Republic

Popis výsledku v původním jazyce

The objective of this paper is to use a meso-level empirical analysis to confirm the usefulness of the concepts of the Non-Accelerating Inflation Rate of Unemployment (NAIRU) and the Non-Accelerating Infection Rate of Unemployment (NARRU). The atypically negative values are consistent with the findings in an economy in transition and during a global financial and economic recession. A higher value of NARRU than NAIRU signals that the intensity of the government's counter-pandemic measures is inadequate to match the depth of the COVID-19 pandemic's impact on the labour market. The lower value of the positive gap between unemployment for the NAIRU concept versus that of NARRU implies that the impact of counter-pandemic measures on the labour market was smaller than that required by the pandemic burden on society. The government of the Czech Republic should have implemented a stricter lockdown or ensured a sufficient supply of respirator masks. Localised negative Phillips curve (PC) slopes at the meso level confirm the suitability of applying the NAIRU and NARRU concepts during the period of COVID-19. Ad hoc analysis and regression estimation of PC shifts on a rolling basis and a Break model in the last period analysed (April 2021 to March 2022) found that the PC in the first phase (April to August 2021) and in the fourth phase (February to March 2022) typically had a negative slope in both concepts. In the second phase (September and October 2021) and third phase (November 2021 to January 2022), the analysis located a PC with an atypically positive slope, which is related to fluctuations associated with the pandemic and measures against it.

Název v anglickém jazyce

The Non-Accelerating Infection Rate of Unemployment as an Alternative to the Non-Accelerating Inflation Rate of Unemployment for the Period of the COVID-19 Pandemic: the Example of the Industries of the Czech Republic

Popis výsledku anglicky

The objective of this paper is to use a meso-level empirical analysis to confirm the usefulness of the concepts of the Non-Accelerating Inflation Rate of Unemployment (NAIRU) and the Non-Accelerating Infection Rate of Unemployment (NARRU). The atypically negative values are consistent with the findings in an economy in transition and during a global financial and economic recession. A higher value of NARRU than NAIRU signals that the intensity of the government's counter-pandemic measures is inadequate to match the depth of the COVID-19 pandemic's impact on the labour market. The lower value of the positive gap between unemployment for the NAIRU concept versus that of NARRU implies that the impact of counter-pandemic measures on the labour market was smaller than that required by the pandemic burden on society. The government of the Czech Republic should have implemented a stricter lockdown or ensured a sufficient supply of respirator masks. Localised negative Phillips curve (PC) slopes at the meso level confirm the suitability of applying the NAIRU and NARRU concepts during the period of COVID-19. Ad hoc analysis and regression estimation of PC shifts on a rolling basis and a Break model in the last period analysed (April 2021 to March 2022) found that the PC in the first phase (April to August 2021) and in the fourth phase (February to March 2022) typically had a negative slope in both concepts. In the second phase (September and October 2021) and third phase (November 2021 to January 2022), the analysis located a PC with an atypically positive slope, which is related to fluctuations associated with the pandemic and measures against it.

Druh

J_imp - Článek v periodiku v databázi Web of Science

CEP obor

—

OECD FORD obor

50202 - Applied Economics, Econometrics

Projekt

—

Návaznosti

I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Rok uplatnění

2023

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název periodika

Inzinerine Ekonomika-Engineering Economics

ISSN

1392-2785

e-ISSN

2029-5839

Svazek periodika

34

Číslo periodika v rámci svazku

5

Stát vydavatele periodika

LT - Litevská republika

Počet stran výsledku

22

Strana od-do

514-535

Kód UT WoS článku

001132954200005

EID výsledku v databázi Scopus

2-s2.0-85180714467