Employment and asset prices

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A medium-term relationship exists between share prices, normalized by labour productivity, and the rate of unemployment in the Organization for Economic Co-operation and Development (OECD) countries. This helps explain decadal changes in mean unemployment, such as the shift to higher mean unemployment in the Continental European countries in the 1970s and 1980s that coincided with a fall in the level of share prices, as well as differences in mean unemployment between countries.

Keywords: E24; J23; natural rate of unemployment; share prices; unemployment

Document Type: Research Article

DOI: http://dx.doi.org/10.1080/00036846.2011.572860

Affiliations: Department of Economics,University of Iceland, 101 Reykjavik, Iceland

Publication date: September 1, 2012

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