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OECD Economic Outlook
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Table 20 Employment rates, participation rates and labour force
Table 21 Potential GDP, employment and capital stock
Table 22 Structural unemployment, wage shares and unit labour costs
Annex Table 20 - Employment rates, participation rates and labour force
See notes to Annex Tables 13, 14 and 15.
Last updated: 15 March 2007
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Annex Table 21 - Potential GDP, employment and capital stock
Definition: Potential output is estimated using a production function approach for all countries, taking into account the capital stock, changes in labour supply, factor productivity and underlying non-accelerating inflation rates of unemployment (or NAIRU) for each Member country. It should be stressed that the estimated levels of potential output are subject to significant margins of error. See Giorno et al. (1995) and Turner et al. (1996). The definition of employment can be found in the notes to Annex Tables 13, 14 and 15. Capital stocks of the total economy less housing are taken from national sources where available. Perpetual inventory methods are used to cumulate the stocks where the data is not available or up-to-date, and over the forecast period.
Related links: National Accounts, The 1993 System of National Accounts, Glossary and The United Nations Technical note on National Accounts
Last updated: 15 March 2007
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Annex Table 22 - Structural unemployment, wage shares and unit labour costs
Definition: the structural rates of unemployment is a non-accelerating inflation rate of unemployment (NAIRU) concept for each Member country and is estimated using a Kalman-filtering approach that embodies a reduced form Phillips curve, as described in Richardson et. al. (2000). It should be stressed that the estimated levels of the NAIRU are subject to significant margins of error, although the margin is significantly less than what is obtained using standard univariate filtering techniques such as the Hodrick-Prescott filter. The NAIRU estimates relate to the unemployment rates of commonly used definitions presented in table 13. Unit labour costs refer to the total economy and are calculated as employee compensation per unit of real output.
Related links: National Accounts, The 1993 System of National Accounts, Glossary and The United Nations Technical note on National Accounts
Last updated: 15 March 2007
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