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• The Rigidity of Labor Markets and the Unit Root in the Time Series of Unemployment rate: Raising a Problem

  103-114

  Janos Kormos

  Pal Czegledi

  Views:

  130

  The article is a review of the literature concerning the time series of the unemployment rate, and of the economic explanations behind the tests of these time series. We seek to identify the theoretical explanations behind a possible unit root in unemployment time series. We argue that the main difficulty faced by these unit root tests is the change in labor market institutions. The ffects of institutional changes make the traditional tests rather weak, while the panel unit root tests oversimplify the economics of the question. Our conclusion is that the possible application of the tests developed theoretically for nearly unit root processes seems to offer a way out of this dilemma.

  Journal of Economic Literature (JEL) classifications: C22, E24

• The role of the voluntary unemployment insurance system in the trade union movement

  43-70

  Nora Ilona Elek

  Views:

  223

  The purpose of this study is to analyse the institutional environment of the state-subsidised, trade union-managed national voluntary unemployment insurance system (the so-called Ghent-system) that influences the selective incentive feature of this system based on the literature. Another goal is to run cluster analysis in order to show whether Ghent-countries – Denmark, Finland and Sweden – differ from other countries based on this environment. The analysis is based on Olson’s (1965) concept of by-product theory. The essence of this theory is that large groups are able to increase, maintain and thus realize their lobbying activities by applying incentives to individuals. In the case of trade unions, the availability of voluntary unemployment insurance is a significant incentive. Its impact on trade union movement is usually analysed as a dummy variable, but this article focuses on institutions that are important to the Ghent-system.

  Journal of Economic Literature (JEL) code: J51

• A literature review of Happiness and Economics and guide to needed research

  117-131

  Thomas Wiese

  Views:

  602

  Happiness and Economics as a new branch of behavioural economics has had a major impact on economic theory and economic policy: Several studies have been published in the last 20 years in leading journals. Furthermore, several governments have decided to collect data about the well-being of their citizens. The author claims that utility cannot only be measured by the choices individuals do: Reported happiness and life satisfaction data is also an acceptable empirical estimate for individual utility. Consequently, happiness research can bear new knowledge and important understanding of human welfare. Therefore, this paper gives an overview of the existing literature. Methods and approach of scholars is critically analysed and shortcomings are discussed. Thereafter, findings on major economic issues like growth, unemployment and inflation are presented. Besides, governmental policy and implications for society are debated. Lastly, future research possibilities are mentioned.

  Journal of Economic Literature (JEL) Classification: D60 D63 I31

• Economy of Austria

  125-148

  Kitti Vass

  Views:

  103

  In my article I examine a member state of the European Union, the open and federal Austria, which can be considered as an example of a corporate economy. During the reconstruction period following the Second World War the Austrian economy was characterized by a frantic economic expansion. After the oil crisis, an incomparably low inflation rate and low unemployment, and the more dynamic than average economic growth attracted attention to the country. Due to the intensified external economic interest, the Austrian model - namely the economic policy and establishment - was widely studied at this time. However, at the beginning of the 1980's some structural problems appearing in the economy contributed to slowdown in growth, until the political changes of the year 2000, which finally brought a new favourable turn in economic policy. I start with an examination of Austria's economic status after the Second World War, then the development, changes and role of the Austrian social partnership. I go on to analyze today's Austria from the point of view of the sustainable balanced budget, focusing on the financial circumstances of the state, such as the complex financial connections derived from federalism.

  Journal of Economic Literature (JEL): H62, H63

• A munkaerő-piaci intézmények hatásai a foglalkoztatásra szektorális megközelítésben

  27-41

  Domician Mate

  Views:

  133

  Recently, there have been serious debates attempting to explain the role of institutions and their interactions as they might influence the impact of economic growth on employment. However, essentially no clear theoretical consensus has yet emerged and several unanswered problems remain. From this point of view, one interesting question is how institutions matter, and also what kind of characteristics they should have in economies. In our estimations ws followed a sectoral approach to identify the main features of institutions. In order to demonstrate short and lon run economic processes we use an error-correction method to analyze how certain intitutions and their interactions determine employment growth in different market-and non-market oriented branches. All in all, we demonstrate that unions, minimum wages and unemployment benefits have influenced employment in different ways.

  JEL classification: J21, J45, E02.

• Analysis of labor market in Northern Hungary

  84-102

  Katalin Liptak

  Views:

  223

  The aim of the paper is to reveal the main causes of unemployment and understand the labor market situation in Northern Hungary, as well as quantify and evaluate the changes in the employment structure. The main concern is about the changes in the number of registered job-seekers in Hungary and in particular, in the North Hungarian region. The author uses several tools to investigate this issue, such as shift-share analysis, linear regression, Lilien-index and Beveridge-curve. The Lilien-index suggests that in Northern Hungary the flow of sectoral labor force has exerted less and less influential power on employment since the transition. Job vacancies and the high number of unemployed do not meet in Northern Hungary; the reason for that is the inadequate qualification level of the unemployed. The labor market position of the North Hungarian region is determined by the specific socio-economic situation resulting from the transition, so it will be useful the regionally differentiated employment policy in Hungary.

  Journal of Economic Literature (JEL) codes: J21, R23