Titlebook: Spanish Regional Unemployment; Disentangling the So Alejandro García-Cintado,Diego Romero-Ávila,Carlos Book 2014 The Author(s) 2014 Common

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Introduction,aged many international researchers to embark on the study of this phenomenon from different perspectives, with the hope of coming up with an adequate solution. In addition to being exceptionally high, the Spanish rate of unemployment has also turned out to be abnormally persistent, as many economet

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PANIC Analysis of Spanish Regional Unemployment,mploy the PANIC procedures of Bai and Ng (2004), which allows us to decompose the observed unemployment rate series into common factor and idiosyncratic components. This enables us to identify the exact source behind the hysteretic behaviour found in Spanish regional unemployment. Overall, our analy

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Explaining the Common Stochastic Trend in Spanish Regional Unemployment: Granger-Causality Analysisables which, the economic literature suggests, can exert an influence on unemployment. Specifically, we focus on studying whether each variable individually considered Granger-causes the common factor of the unemployment rate and find that there is a wide range of macroeconomic and institutional var

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Policy Considerations Drawn from Our Results,set of poor institutions. This fact, matched up with adverse shocks, has led to a high and persistent unemployment, especially in certain regions. From an economic policy perspective, such bad institutions call for policy measures aimed at improving labour market flexibility conditions which are tho

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Concluding Remarks,derlying sources of hysteresis. Once the current crisis comes to an end, analysts will be able to assess the benefits reaped from the 2010–2012 labour market reforms and whether they have eroded some of the well-rooted persistence mechanisms at work in the Spanish labour market.

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2191-5504 mpose the observed unemployment rate series into an idiosyncThis work investigates the time series properties of the unemployment rate of the Spanish regions over the period 1976-2011. For that purpose, the authors employ the PANIC procedures of Bai and Ng (2004), which allows to decompose the obser