MEASURING OF THE ECO NOMIC CYCLE ON THE L ABOUR MARKET IN THE CZECH CONSTRUCTION SECTOR BY THE MEANS OF NAIRU
DOI:
https://doi.org/10.14311/CEJ.2015.03.0014Keywords:
Economic cycle, Phillips curve, NAIRU, HP filter, Kalman filter, Stoc hastic trend, Unemployment gapAbstract
The paper is concerned with the economic cycle on the labour market in the whole national
e conomy and in the construction sector of the Czech Republic, working with NAIRU. This variable
is estimated with the use of the consumer price index and the construction work price index. By
comparing the obtained NAIRU values with the real unemployment ra tes we determine the phase
of the economic cycle. We verify the localised phases of the cycle on the labour market in the
national economy and in the construction sector with the development of the real unemployment
rate and the added value. Thanks to this approach we get the insight into the development of
unstabl e periods on the labour market.
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