How labour market flexibility affects unemployment

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Description of data:

REF.: data used in the E.J. Controversy paper, May 1998,
“How labour market flexibility affects unemployment: long-term
implications of the chain reaction theory.”

The ASCII files “DATA1.DAT” and “DATA2.DAT” contain annual data
saved by observation, i.e. the individual series are presented in columns.

Each of the above files contains six columns.
In both files the first column gives the years (1960-1995). In addition,
each file contains five series in the following order:

“DATA1.DAT”: E=log of employment
L=Log of labour force
UR=L-E (unemployment rate)
RW=log of real wage (=average monthly earnings)
K=log of real capital stock, business sector

“DATA2.DAT”: B=log of real social security benefits
C=log of real social security contributions
TI=indirect taxes as % of GDP
P=log of real oil price in œ
Z=log of working age population

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