Abstract
Since 1984, the New Zealand economy has been through major micro–macro and institutional reforms, including the labor market. As reforms began to take effect and expectations adjusted, unemployment in New Zealand declined steadily and persistently since 1993–1994. Many of the earlier adjustments were structural in nature. Along the way, however, changes in unemployment occurred because of transitory shocks. Major increases in unemployment occurred after the 1998 Asian financial crisis and the 2008 Global Financial Crisis (GFC) with similar dynamics. In this paper, we estimate the speed of adjustment in the New Zealand labor market before and after the GFC.
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